Big Drop in New Home Sales
Housing bears were ecstatic today after the Commerce department reported a 9.9% decline in the number of New house sales for the month of August. In addition the months supply of inventory increase from 4.1 in July to 4.7 in August. New house sales were even worse in the North East part of the country with sales down 22% year-over-year.
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“The Commerce Department reported that new home sales declined by 9.9 percent last month to a seasonally adjusted annual rate 1.24 million units. Even with the slowdown in sales, the sales price rose by 2.5 percent from July's level to $220,300.
The bigger-than-expected drop in new home sales could be an indication that the nation's red-hot housing market is beginning to slow, but reports so far are mixed. On Monday, the National Association of Realtors said that sales of previously owned homes rose by 2 percent in August to 7.29 million units, the second-highest level on record.”
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“The Commerce Department reported that new home sales declined by 9.9 percent last month to a seasonally adjusted annual rate 1.24 million units. Even with the slowdown in sales, the sales price rose by 2.5 percent from July's level to $220,300.
The bigger-than-expected drop in new home sales could be an indication that the nation's red-hot housing market is beginning to slow, but reports so far are mixed. On Monday, the National Association of Realtors said that sales of previously owned homes rose by 2 percent in August to 7.29 million units, the second-highest level on record.”
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posted by Little_Silvered at 6:52 PM
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