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U.S. new home sales rise in June
The increase in new U.S. home sales in June came after a two-month decline, with a rise of 1.6% pushing the annual rate to 628,000 units. However, sales were still down by 5.6% compared to the previous year. Rising mortgage costs and increased interest rates, which reached their highest level in 11 months at around 6.58%, have slowed the market. Ongoing challenges in housing financing and rising inflation continue to impact buyers' purchasing power. Although the supply of homes remained nearly steady at 485,000 units, the higher interest rates are hindering the sustainable recovery of the U.S. real estate market.
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