The number of people who bought new homes fell for the fourth straight month. Sales this year are on track to finish as the worst on records dating back half a century. The Commerce Department says sales of new homes fell nearly 1% in July to a seasonally adjusted annual rate of 298,000. That’s less than half the 700,000, a rate that economists say represents a healthy market. Housing remains the weakest part of the economy. Last year was the worst for new home sales on records dating back a half century. While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs and $90,000 in taxes, according to the National Association of Home Builders.
U.S. new home sales fall 0.7%
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