Sales of newly built homes in the US in August grew at the fastest rate since the beginning of this year, indicating that a combination of price cuts and sales incentives is helping ease the pressure on housing affordability. According to data released by the US government on Thursday, sales of newly built single-family homes increased 6.4% in August, equivalent to 684,000 units per year. According to the survey's median estimate, economists had previously estimated 616,000 units. Meanwhile, the median sales price of newly built homes fell 5.8% year over year to US$393,700.

Sales of newly built homes in the US in August grew at the fastest rate since the beginning of this year, indicating that a combination of price cuts and sales incentives is helping ease the pressure on housing affordability. According to data released by the US government on Thursday, sales of newly built single-family homes increased 6.4% in August, equivalent to 684,000 units per year. According to the survey's median estimate, economists had previously estimated 616,000 units. Meanwhile, the median sales price of newly built homes fell 5.8% year over year to US$393,700.