Thursday, September 23

Tag: prices soar

Business

US new home sales tumble to one-year low as prices soar

Sales of new US single-family homes fell to a one-year low in May as the median price of newly built houses soared amid expensive raw materials, including framing lumber. The second straight monthly decline in sales reported by the Commerce Department on Wednesday was the latest indication that the tailwind from the Covid-19 pandemic could be subsiding. Single-family housing benefited from a migration from cities as millions of Americans sought more spacious accommodations for home offices and schooling during the pandemic. "New home sales along with existing home sales suggest home buying activity is past its peak," said Chris Rupkey, chief economist at FWDBONDS in New York. "We don't know what is going to happen when the stay-at-home economy shifts to going back to the office." ...