UPDATE: New-home sales swoon to 8-month low in August
By Andrea Riquier
Not helpful for a market that really needs supply...
Sales of newly-constructed homes tumbled in August, even as the housing market remained starved for supply.
New-home sales ran at a seasonally adjusted annual pace of 560,000, the Commerce Department said Tuesday. That was 3.4% lower compared to a month ago and 1.2% lower than in August 2016.
Economists surveyed by MarketWatch had forecast a 585,000 rate.
The median sales price of new homes sold in August was $300,200, 0.4% higher than a year ago.
With a slower selling pace, inventory normalized. At the current pace, it would take 6.1 months to exhaust available supply, a more balanced level than has been the case much of the time in recent years.