Worst Annual Pace in 3 Years For New Home Sales

Posted To: MND NewsWire

New home sales in July were expected to remain steady after scoring a slight gain in June, instead they plunged to a rate even lower than those a year earlier. Three of the four geographic regions shared in the decline, Sales of newly constructed homes in July are estimated at a seasonally adjusted annual rate of 571,000 units. This is down 9.4 percent from June and 8.9 percent from the estimate for July 2016. The bad news was mitigated a bit as the U.S. Census Bureau and the Department of Housing and Urban Development revised their earlier June estimate to 630,000 units from their original estimate of 610,000. The consensus of analysts polled by Econoday was for the number to come in unchanged from June's 610,000 units. The range of estimates was 590,000 to 622,000 units. On a non-seasonally...(read more)

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