US new home sales rise in June

U.S. new home sales increased by 1.6% in June to an annual rate of 628,000 units after two months of decline, despite rising mortgage rates and affordability challenges, which limited market strength and continued to deter potential buyers. The average home price also fell to $398,300, down 2.7% year-over-year, with inventory remaining around 485,000 units—3% lower than the previous year. The market contraction is linked to higher borrowing costs and decreased income levels, as mortgage rates reached their highest levels in 11 months, continuing to exert pressure on the U.S. housing market.

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