Keeping you up to date on the latest data releases.
- New Home Sales
This morning’s new home sales report brought another bout of bad housing market news to follow-up the abysmal existing home sales figures released yesterday. July single-family home sales fell 12.4 percent to an annual sales pace of 276,000 units, erasing June’s downwardly revised gain of 12.1 percent and setting a new record-low pace for the 47-year-old series. New home prices were the lowest in over six and a half years. The median sales price declined 6.0 percent over the month to $204,000 and sits 4.8 percent lower than the year-ago median. The inventory of new homes for sale is its lowest since 1968 and unchanged from June, at just 210,000 units. July’s drop in purchases bumped the months’ supply of new single-family homes up to 9.1 months from 8.0 in June. Although much lower than last January’s peak of 12.1 months, the current backlog is again elevated compared to the past twelve months, when months’ supply has exceeded 9.0 only twice.