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Sunday, August 18, 2019
HomeNewsEconomyNew Home Sales Fell Sharply in August: Census Bureau

New Home Sales Fell Sharply in August: Census Bureau

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The U.S. Census Bureau said Tuesday new residential home sales fell sharply in August to a seasonally adjusted annual rate of 560,000, missing the 583,000 forecast. That’s 3.4% (±13.0%)* below the revised July rate of 580,000 and 1.2% (±18.5%)* below the August 2016 estimate of 567,000.

The median sales price of new houses sold in August 2017 was $300,200, while the average sales price was $368,100.

The seasonally-adjusted estimate of new houses for sale at the end of August was 284,000. This represents a supply of 6.1 months at the current sales rate.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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