US housing market pursues "price for volume": New home sales hit a year-to-date high in August, while home prices saw the largest drop in over a year

华尔街见闻2026/09/24 14:46

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On Thursday, the U.S. government released data showing that sales of new single-family homes in August increased by 6.4% month-on-month, with an annualized sales pace reaching 684,000 units, far exceeding the expected 616,000 units. The median home price fell by 5.8% year-on-year to $393,700, marking the largest decline since July 2025. Although the drop in home prices boosted new home sales in August, U.S. mortgage rates have since risen above 7%, indicating that this rebound may be only temporary.

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Driven by price reductions and sales incentives, new home sales in the United States in August recorded the fastest growth rate so far this year, indicating that such measures help ease homebuyers’ affordability pressures.

Data released by the US government on Thursday showed that new single-family home sales in August grew by 6.4% month-over-month, with a seasonally adjusted annual sales rate of 684,000 units. This performance far exceeded economists’ median forecast of 616,000 units.

Meanwhile, the median sales price of homes fell 5.8% year-on-year to $393,700, marking the largest annual decline since July 2025.

Although the rebound in August sales reflects builders’ ongoing efforts to stimulate demand through concessions, this recovery trend may be temporary. Since then, mortgage rates have risen above 7% to reach a more-than-two-year high; at the same time, current home prices remain about 20% higher than pre-pandemic levels.

Homebuilders have been heavily relying on sales incentives, including offering free renovation upgrades, mortgage rate discounts, and increasingly direct price cuts. Nevertheless, the challenges facing the industry continue to mount.

Industry giant Lennar Corp. pointed out that competition with existing home sellers is intensifying. In major markets such as Florida and Texas, price reductions by existing homeowners are becoming more common.

Lennar CEO Stuart Miller said on last week’s analyst conference call: “When existing home sellers cut prices, they are competing directly with us for customers. Our response to this is one of the key reasons behind the current changes in promotional incentives and pricing dynamics.”

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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