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New home sales declined in August

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(Read caption) This chart shows the number of new single family home sales between 2004 and 2011. Sales dropped sharply in 2008 and have not recovered.

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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for August showing a monthly decline with sales falling 2.3% since July but increasing 6.1% from August 2010 and remaining at an epically low level of 295K SAAR units.

It's important to recognize that the inventory of new homes has now fallen to a new series low at 162K units, lowest level seen in in at least 47 years while the median number of months for sale declined to 8.9.

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The monthly supply remained flat at 6.6 months while the median selling price declined 7.72% and the average selling price declined 8.48% from the year ago level.

The above chart show the extent of sales decline to date (click for full-larger version).