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New home sales hit snag after nine-year high

Sep 27, 2016
New single-family home sales posted the largest drop in nearly a year in August, plunging 7.6 percent to an annual rate of 609,000, according to data released by the Commerce Department. Despite the drop, it is the second consecutive month that new-home sales have topped a 600,000 annual pace since the Great Recession, the National Association of Home Builders reports. In July, new-home sales had surged to a nine-year high.
New-home sales dropped by the highest percentage in the Northeast, falling 34.3 percent in August month-over-month. 
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