August New Home Sales Down 3.4% from July
This morning's release of the August New Home Sales from the Census Bureau came in at 560K, down 3.4% month-over-month from a revised 580K in July. Seasonally adjusted estimates back to October 2014 were also revised. The Investing.com forecast was for 588K.
Here is the opening from the report:
Sales of new single-family houses in August 2017 were at a seasonally adjusted annual rate of 560,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 3.4 percent (±13.0 percent)* below the revised July rate of 580,000 and is 1.2 percent (±18.5 percent)* below the August 2016 estimate of 567,000.
The median sales price of new houses sold in August 2017 was $300,200. The average sales price was $368,100. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.