US: New Home Sales decline to 675K in August vs. 700K expected

• New Home Sales in the US tumbled 8.7% in August.
• US Dollar Index continues to hover around 106.00 after data. 

Sales of new single‐family houses tumbled 8.7% in August to a seasonally adjusted annual rate of 675,000, the data published jointly by the US Census Bureau and the Department of Housing and Urban Development showed on Tuesday.

This reading followed the 4.4% growth recorded in July and came in worse than the market expectation of a modest decline to an annual rate of 700,000. 

The median sales price of new houses sold in August 2023 was $430,300. The average sales price was $514,000, the publication revealed. 

Market reaction

The US Dollar Index (DXY) remained around 106.00, trading near monthly highs, marginally higher for the day.