New Home Sales Soften for Second Month

Posted To: MND NewsWireNew home sales broke out of the up-one-month, down the next pattern they have adopted since March, and not in a good way . The Census Bureau and Department of Housing and Urban Development reported that sales of newly constructed single-family homes retreated further in July, declining 1.7 percent on top of a 5.3 percent loss in June . Sales during the month were estimated at a seasonally adjusted rate of 627,000 compared to a revised (from 631,000) pace of 638,000 units in June. Despite the decline, sales are still a healthy 12.8 percent higher than in July 2017. That rate was estimated at 556,000 units. Analysts polled by Econoday had been looking for a sales rate between 630,000 and 660,000. The consensus was 649,000 units. On a non-seasonally adjusted basis there were 53,000 homes sold…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631