The average 30-year fixed-rate mortgage in August was 6.59%, according to Freddie Mac, down from 6.72% in July and 6.50% one year ago.
With the 5-0 CAC affirmative vote, the Yonkers project now advances for full consideration with the New York State Gaming Location Board.
The agreement underscores the continued strength of Lower Manhattan’s office market, of which Brookfield Place comprises approximately 10% of inventory.
The average 30-year fixed-rate mortgage in August was 6.59%, according to Freddie Mac, down from 6.72% in July and 6.50% one year ago.
WASHINGTON—New and existing home sales last month were mixed, with existing home sales activity falling slightly, while new home sales skyrocketed unexpectedly.
Existing-home sales remained essentially the same in August, ticking down by 0.2% from July, according to the National Association of Realtors Existing-Home Sales Report released earlier today.
Month-over-month sales increased in the Midwest and West, and fell in the Northeast and South. Year-over-year, sales rose in the Midwest and South, and fell in the Northeast and West.
“Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.”
The average 30-year fixed-rate mortgage in August was 6.59%, according to Freddie Mac, down from 6.72% in July and 6.50% one year ago.
“Record-high housing wealth and a record-high stock market will help current homeowners trade up and benefit the upper end of the market. However, sales of affordable homes are constrained by the lack of inventory,” Yun added. “The Midwest was the best-performing region last month, primarily due to relatively affordable market conditions. The median home price in the Midwest is 22% below the national median price.”
The National Association of Home Builders reported on Wednesday that a modest drop in mortgage rates led to a surprisingly large jump in new home sales in August that could be revised lower next month.
Sales of newly built single-family homes jumped 20.5% higher in August, to a seasonally adjusted annual rate of 800,000 from an upwardly revised reading in July, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales is up 15.4% from a year earlier. The three-month moving average of new home sales was 713,000, an increase from the 656,000 in July. New home sales remain down 1.4% on a year-to-date basis.
“New home sales experienced a significant surge in August, while builder confidence held steady at a low reading in September,” said Buddy Hughes, chairman of the National Association of Home Builders and a home builder and developer from Lexington, NC. “While this month’s figure may be subject to downward revision, we do expect a general improvement in sales over the coming months, supported by the recent decline in mortgage rates.”
“According to Freddie Mac, the average 30-year fixed mortgage rate has declined by 32 basis points over the past four weeks and now sits at 6.26%—its lowest level since early October 2024,” said Jing Fu, NAHB senior director of forecasting and analysis. “This downward trend in rates, combined with the recent Fed interest rate cut, signals a positive outlook for future housing demand. If this momentum continues, we expect new home sales to gain traction as more buyers reenter the market in the final quarter of 2025.”
New single-family home inventory declined for the third straight month to 490,000 residences marketed for sale (of all stages of construction) as of August. This is 1.4% lower than the previous month and 4.0% higher than a year earlier. At the current sales pace, the months’ supply for new homes was 7.4 compared to 8.2 a year ago.
The median new home sale price was $413,500, up 1.9% from a year ago.
New home sales have also been buoyed by home builders use of incentives. Recent NAHB survey data shows 37% of builders reported cutting prices in August and 66% reported using sales incentives.
Regionally, on a year-to-date basis, new home sales are down 22.0% in the Northeast, 3.9% in the Midwest and 7.3% in the West. New home sales are up 3.3% in the South.
With the 5-0 CAC affirmative vote, the Yonkers project now advances for full consideration with the New York State Gaming Location Board.
The agreement underscores the continued strength of Lower Manhattan’s office market, of which Brookfield Place comprises approximately 10% of inventory.
HGAR officials noted that its selection “is a testament to the impact of our advocacy, leadership and presence across the region.”
Dais pleaded guilty today in Rockland County Court to forgery and violation of the Home Equity Theft Protection Act (HETPA).
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