New Home Sales Tumble in July

Source: Economics Group of Wells Fargo Bank, N.A.

Summary

Home Sales Fall Sharply in July

New home sales fell 12.6% in July to a 511,000-unit pace. While July’s drop was larger than expected, it is hardly a surprise given the sharp pullback in home builder confidence reported last week. The latest data likely still lag the current state of the market. Buyers have pulled back, as real after-tax incomes have come under pressure from higher inflation. With real income growing more slowly, fewer people can afford to purchase a new home. READ FULL ARTICLE>>