New home sales in the US saw a significant jump in August, rising to their fastest pace in three years. This surge was primarily driven by builders offering discounts and incentives to attract buyers, alongside easing borrowing costs.

• New single family home sales rose 20.5% in August to an annualised rate of 800,000 units.
• This was the fastest pace since early 2022, according to the US Census Bureau.
• 39% of homebuilders reported cutting prices, the highest since the coronavirus pandemic, according to a report from the National Association of Home Builders and Wells Fargo.