New home sales eke out a gain, but Q4 decline likely
WASHINGTON -- New home sales during August increased 0.6% to a seasonally adjusted annual rate of 898,000, the U.S. Census Bureau reported. The July reading was revised downward from 950,000 to 893,000 units.
“There’s no question that the market was losing some momentum,” said Bruce Smith, president of the National Association of Home Builders (NAHB). “The real question is where the housing market is headed in the aftermath of the recent terrorist attacks on America.”