Keeping you up to date on the latest data releases.
- New Home Sales
New single-family home sales held steady in August after falling 7.7 percent in July. The current annual sales pace of 288,000 units sits essentially level with May’s pace of 282,000, a record low for the 47-year-old series. The year-over-year growth rate in sales remains heavily in the red at −28.9 percent, although the series experienced a brief positive stint in the spring wrap-up months of the housing stimulus. The inventory of new homes for sale declined a slight 1.4 percent in August, causing a miniscule descent in months’ supply, from 8.7 to 8.6. Months’ supply had made much progress between January 2009 and April 2010, dropping from 12.1 months down to just 6.3. However, the series has since swollen again due to lack of sales, as opposed to a ballooning inventory. The number of new homes for sale in August was 206,000 units, the lowest level since 1968.