New Home Inventory Crosses 6-Month Supply Mark as Sales Lag

Posted To: MND NewsWire

New home sales were down again in August, following a 9.4 percent plunge in July. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes sold during the month at a seasonally adjusted rate of 560,000 units. This is a 3.4 percent drop from the revised rate of 580,000 (from 571,000) in July and is 1.2 percent lower than the August 2016 rate of 567,000. Analysts polled by Econoday had projected sales at 583,000 units. The range was between 555,000 and 620,000. On a non-seasonally adjusted basis there were an estimated 45,000 new homes sold nation-wide in August, compared to 50,000 sales in July. At the end of the reporting period there were an estimated 284,000 new homes available for sale, a 6.1-month supply. Among this number were an...(read more)

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