New Home Sales Shake Off Home Builders’ Blues. Incentives Might Be Working.
1. New home sales rose to 800,000 in August, the highest since January 2022. 2. Incentives and lower mortgage rates drove increased sales, despite low builder confidence. 3. 39% of builders reduced prices and 65% offered incentives to attract buyers. 4. Investors are optimistic as homebuilder stocks increased following the sales report. 5. Caution is advised; new home sales data is often subject to revision.