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US new-home sales fell to a six-month low in July as higher mortgage rates curbed demand despite builder incentives and price cuts, Bloomberg reported.
Contract signings for new single-family homes dropped 10.5% to a 607,000 annualized rate, according to government data. Economists surveyed by Bloomberg had expected a 620,000 pace.
The median sales price declined 0.9% from a year earlier to $393,800. Sales have fallen in three of the past four months, while builders have used upgrades, mortgage-rate buydowns, and lower prices to support demand.
The supply of new homes for sale fell 1.6% from a year earlier to 488,000, equal to 9.6 months of inventory at the current sales rate. Sales in the South fell 13%, while Midwest sales dropped nearly 43% to their lowest level since 2012.
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