New Home Sales Fall 3.4% in August

Filed in Economics, Uncategorized by on September 26, 2017 0 Comments

for sale signSales of newly built, single-family homes in August fell 3.4% to a seasonally adjusted annual rate of 560,000 units from an upwardly revised July reading, according to newly released data by HUD and the U.S. Census Bureau.

This was the lowest sales reading since December 2016. However, year-to-date, new home sales are 7.5% above their level over the same period last year.

“This month’s report is another reminder that builders need to manage rising supply-side costs to meet consumer demand for affordably priced homes,” said NAHB Chairman Granger MacDonald.

“The year-to-date growth shows that new home sales are continuing to make consistent, long-term gains,” said NAHB Chief Economist Robert Dietz. “However, we may see more volatility in the next few months as communities affected by the recent hurricanes experience construction delays and other economic disruptions.”

The inventory of new homes for sale was 284,000 in August, which is a 6.1-month supply at the current sales pace.

Regionally, new home sales remained unchanged in the Midwest. Sales fell 2.6% in the Northeast, 2.7% in the West and 4.7% in the South.

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