Menu
Share
Share this story
Close X
 
Switch to Desktop Site

New home sales declined in August

(Read article summary)
View video

SoldAtTheTop

(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.

View photo

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.

About these ads

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).