The U.S. Commerce Department reported today that August new-home sales fell 2.3 percent, to a six-month low in August. This marks the fourth straight monthly decline for new home sales.
New-homes sales are on track for the worst year since the government began keeping records a half century ago!
National Association of Home Builders has said that while new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes.
