After posting a strong September, the number of newly-built homes sold nationwide slipped in October.
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From the category archives:
New Home Sales
After improving 1 percent in August, New Home Sales popped another 7 percent in September. It’s no wonder homebuilder confidence is at a 5-month high.
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The August New Home Sales was weaker-than-expected, but both Wall Street investors and Main Street economists are shrugging it off. The numbers were foreshadowed by weakening housing figures from earlier this summer.
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Although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
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June’s New Home Sales data is a major improvement over May, but gains are relative. It’s possible that the true “new home market” may be softer than the statistics suggest.
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The press is referring to the May New Home Sales report as “poor”. A closer look, however, shows that may not be the case.
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At the current sales pace, the nation’s complete supply of new homes would be sold in just 5 month’s time. That’s more than double the pace of a year ago.
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The sales of newly-built homes soared in March. Even more than what was expected. But the news may not be as glowing as what the media is telling us.
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New Home Sales fell 11 percent from the month prior and posted the fewest units sold in a month since 1963 — the year the government first started tracking New Home Sales data. It may be good for home buyers.
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