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New home sales fell 4.7% in August despite mortgage rates coming down

By Zach Halaschak
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New home sales fell slightly in August despite mortgage rates continuing to fall, showing complications with the housing market.

The number fell 4.7% from July to 716,000, according to a Wednesday report from the Census Bureau. But the number of new home sales is 9.8% higher than it was in August 2023.

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Federal Reserve Housing Interest Rates Mortgage Rates Real Estate