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Tuesday, June 18, 2024
HomeNewsEconomyNew Home Sales 713K in August, Easily Beating Forecast

New Home Sales 713K in August, Easily Beating Forecast

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

New Residential Construction Report Revised Much Higher for July

The U.S. Census Bureau and Department of Housing and Urban Development (HUD) reported new home sales rose by a seasonally adjusted annual rate of 713,000, easily beating the forecast.

That’s a 7.1% (±20.3%) gain above the upwardly revised 666,000 figure for July, which was initially reported at 635,000. It’s 18.0% (±19.9%) above the August 2018 estimate of 604,000.

The median sales price of new houses sold in August 2019 was $328,400. The average sales price was $404,200.

The seasonally‐adjusted estimate of new houses for sale at the end of August was 326,000. This represents a supply of 5.5 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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