Sales of new U.S. single-family homes increased for a second straight month in August, but demand for housing has probably peaked after a COVID-19 pandemic-fueled buying frenzy.
The report from the Commerce Department on Friday also showed the supply of new homes on the market last month was the largest in nearly 13 years, with prices unchanged on a monthly basis. It followed on the heels of news on Wednesday that sales of previously owned homes fell in August.
New home sales rose 1.5% to a seasonally adjusted annual rate of 740,000 units last month. July's sales pace was revised up to 729,000 units from the previously reported 708,000 units. Sales decreased 24.3% on a year-on-year basis in August. They have struggled to post significant gains since surging to a rate of 993,000 units in January, which was the highest since the end of 2006. Builders have been constrained by higher prices for inputs, as well as shortages of land and labor.
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