Combined U.S. sales of new and
previously owned homes rose to the highest on record in August,
suggesting a rise in mortgage rates from June’s all-time low has
done little to deter buyers.
Single-family home sales rose 3.4 percent to a 1.15 million
annual rate last month from a revised 1.112 million pace in July,
the Commerce Department said in Washington. Sales of previously
owned homes jumped 5.5 percent to 6.47 million at an annual pace,
according to the National Association of Realtors. The combined
pace of 7.62 million surpassed the previous high of 7.242 million
reached a month earlier.
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An economy that’s projected to grow twice as fast in the
last half of the year than in the first six months may help
underpin housing by spurring income growth, economists said.
Mortgage rates, while up from June’s record-low 5.21 percent, are
lower than they were last year.
“As the economy gains momentum, consumers should have the wherewithal” to continue buying, said David Lereah, chief economist for the National Association of Realtors.
A total of 1.023 million new homes will be sold this year,
surpassing 2002’s record 974,000, according to projections from
the National Association of Home Builders.
Bloomberg News
