New Home Sales Fall To Lowest Level Since Last October While Builder Confidence Rises To Its Highest Level Since November 2005, No Typo, 2005!
Posted By thestatedtruth.com on August 23, 2013
So, it’s said by a number of Realtors that interest rate spikes don’t matter to home buyers….um, maybe they should rethink that idea? Yep, maybe rethink it twice!
Purchases of new U.S. homes plunged in July by the most in more than three years while previous month saless were revised down. Housing in July showed that a tiny 35K new houses were sold (with just 3K sold in the Northeast, and just 19K in the otherwise strong South), of which 13K houses were not even started. This translated into a puny 394K seasonally adjusted annualized sales, missing expectations of 487K by nearly a massive 100K, and in addition the June print was revised much lower from 497K to 455K (which back in July beat expectations of 484K and was trumpeted as the highest print since 2008 – so much for that). Also, the median home sale price decline continued, and in July dropped to $257.2K down from $258.5.
The supply of homes at the current sales rate rose to 5.2 months from 4.3 months in June. There were 171,000 new houses on the market at the end of July, up from 164,000 the month before.
Does anybody really believe the NAHB (National Association Of Home Builders)? They revise downward almost every (opportunistic) number they announce…
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