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July sales of new homes surge 13.9%, far more than thought [Video]

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SILVER SPRING, Md. (AP) — Sales of new homes jumped again in July, rising 13.9% as the housing market continues to gain traction following a spring downturn caused by pandemic-related lockdowns.

The Commerce Department reported Tuesday that July’s gain propelled sales of new homes to a seasonally-adjusted annual rate of 901,000. That’s a far bigger number than analysts had expected and follows big increases in May and June. The government report has a high margin of error, so the July figures could be revised in the coming months.

The recent sales gains followed a steep dropoff in March and April as much of the country stayed home due to government restrictions intended to slow the spread of coronavirus.

In a report last week, the National Association of Realtors reported that sales of existing homes rose by a record 24.7% in July, thanks to historically low interest rates. It was the …

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BigCommerce

Watch: Senate hearing on big tech behavior - KOBI-TV NBC5 [Video]

WASHINGTON, D.C. — Three big tech company leaders are testifying virtually before a Senate committee Wednesday. Facebook CEO Mark Zuckerberg, Twitter CEO Jack Dorsey, and Google CEO Sundar Pichai are answering questions from the Senate Commerce committee. Topics expected to be discussed include Section 230 of the Communications Decency Act which protects social media companies […]