World Economy

US New Home Sales Shoot Up

US New Home Sales Shoot UpUS New Home Sales Shoot Up

US new homes sales jumped in July to their fastest rate in nearly nine years, according to Commerce Department figures. Low interest rates on mortgages and an improving jobs market have helped boost the US real estate market, BBC reported. New home sales increased by 12.4% in July month-on-month to a seasonally adjusted rate of 654,000 annual units. But construction of new single-family homes has slipped, meaning supply might be falling behind demand. Last month, the US housing market had 4.3 months’ supply of homes for sale. That is down from a 5.2 months supply in July 2015.