General World News

Unsold homebuilder inventory is ticking up as new home sales slow

After a boost in July, the sales pace of new homes slowed in August, according to data published on Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). 

In August, the sales pace of new homes fell 8.7% compared to July, reaching a seasonally adjusted annual rate of 675,000. On a year-over-year basis, new home sales were up 5.8%.

However, mortgage applications for new home purchases increased 4% between July and August, details ⇒

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