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Home>New-home sales swoon to 8-month low in August

New-home sales swoon to 8-month low in August

New-home sales swoon to 8-month low in August

09/26/2017

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.

(http://projects.marketwatch.com/economic-data/?series=HSN1F&theme=white&recession=on&hed=Sales+of+new+single-family+homes&dek=Seasonally+adjusted+annual+rate%2C+in+thousands&source=Commerce+Department+via+FRED&source_link=http%3A%2F%2Fwww.census.gov%2Fconstruction%2Fnrs%2F&drad=on&start=2005-09-01&end=2017-09-01&predictions=none)

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.

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