US New Home Sales and Consumer Confidence Decline
Sales of new single-family homes fell in July as high mortgage rates weighed on the market. Meanwhile, consumer confidence slid to a seven-month low in August due to concerns over inflation and the job market.
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New United States single-family home sales fell 10.5% to an annualized rate of 607,000 units in July, while consumer confidence dropped to an eight-month low. High mortgage rates and inflation concerns continued to sideline potential home buyers across the country. The drop reflects mounting pressures on household purchasing power as borrowing costs linger near multi-year highs.
