By Jann Swanson | Mortgage News Daily
Sales of newly constructed single-family houses, unlike their existing home counterparts, continued to rise in August. While existing home sales overall fell by 4.8 percent in August and single family sales by 5.3 percent, new homes sold at a seasonally adjusted annual rate of 552,000 units, an increase of 5.7 percent from July’s sales and 21.6 percent higher than sales in August 2014 of 454,000. The August sales rate was the highest in more than 7 years and was far above analysts’ expectations of 515,000. Context is important though.
