U.S. New Home Sales Pull Back Sharply From Upwardly Revised Level
23 Agosto 2019 - 5:56AM
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Following a much bigger than previously estimated spike in U.S.
new home sales in the previous month, the Commerce Department
released a report on Friday showing a steep drop in new home sales
in the month of July.
The report said new home sales plunged by 12.8 percent to an
annual rate of 635,000 in July after soaring by 20.9 percent to a
sharply upwardly revised rate of 728,000 in June.
Economists had expected new home sales to come in virtually
unchanged from the 646,000 originally reported for the previous
month.
Despite the monthly decrease, the Commerce Department noted new
home sales in July were up by 4.3 percent compared to a rate of
609,000 in the same month a year ago.
The upwardly revised rate of new home sales in June represented
a nearly eleven-year high, with sales at their highest level since
hitting 778,000 in July of 2008.
The pullback in new home sales came as sales plummeted by 16.1
percent in the South, 14.2 percent in the West and 11.1 percent in
the Midwest.
On the other hand, the report said new home sales in the
Northeast surged up by 50.0 percent to an annual rate of
39,000.
The Commerce Department also said the median sales price of new
houses sold in July was $312,800, up 2.2 percent from $306,000 in
June but down 4.5 percent from $327,500 in the July of 2018.
The estimate of new houses for sale at the end of July was
337,000, representing 6.4 months of supply at the current sales
rate.
On Wednesday, the National Association of Realtors released a
separate report showing a notable rebound in existing home sales in
the month of July.
NAR said existing home sales jumped by 2.5 percent to an annual
rate of 5.42 million in July after slumping by 1.3 percent to a
revised rate of 5.29 million in June.
Economists had expected existing home sales to surge up by 2.3
percent to a rate of 5.39 million from the 5.27 million originally
reported for the previous month.
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