Sales of existing homes fell last month while new homes reported an uptick, according to data released on Thursday, as older homes continue to be more expensive than new builds.
After a slow summer for the U.S. housing market, with buyers kept to the sidelines by high borrowing costs and still rising prices, existing home sales slid 0.2 percent in August from July to a seasonally adjusted annual rate of 4 million, according to the latest report by the National Association of Realtors (NAR). Year-over-year, however, existing home sales rose by 1.8 percent.
By comparison, new home sales soared to a seasonally adjusted annual rate of 800,000, according to estimates by the Census Bureau, up 20.5 percent compared to the previous month’s rate of 664,000 and up 15.4 percent from last August’s rate of 693,000. This was
It’s Still Cheaper To Buy A New Home In The US Than An Existing One
