US New Home Sales Rise Above Expectations

Buoyed by steady job gains and low mortgage rates, Americans purchased new homes in August at the fastest pace in more than seven years.

The Commerce Department says new-home sales surged 5.7 percent last month to a seasonally adjusted annual rate of 552,000. That followed an even bigger 12 percent jump in July, according to the government’s revised figures.

Healthy hiring and smaller price increases for new homes have finally begun pushing up sales, which were hammered during the Great Recession. New home sales have soared nearly 22 percent in the past year.

Strong gains in new home sales could accelerate the economy by boosting home building, which generates construction jobs, demand for more building materials and more spending on landscaping and other services.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza