by Calculated Danger on 9/25/2024 10:00:00 AM
The Census Bureau stories New Residence Gross sales in August have been at a seasonally adjusted annual charge (SAAR) of 716 thousand.
The earlier three months have been revised up.
Gross sales of recent single-family homes in August 2024 have been at a seasonally adjusted annual charge of 716,000, based on
estimates launched collectively right this moment by the U.S. Census Bureau and the Division of Housing and City Improvement.
That is 4.7 p.c under the revised July charge of 751,000, however is 9.8 p.c above the August 2023 estimate of 652,000.
emphasis added
Click on on graph for bigger picture.
The primary graph exhibits New Residence Gross sales vs. recessions since 1963. The dashed line is the present gross sales charge.
New residence gross sales have been near pre-pandemic ranges.
The second graph exhibits New Residence Months of Provide.
The months of provide elevated in August to 7.8 months from 7.3 months in July.
The all-time file excessive was 12.2 months of provide in January 2009. The all-time file low was 3.3 months in August 2020.
That is effectively above the highest of the traditional vary (about 4 to six months of provide is regular).
“The seasonally-adjusted estimate of recent homes on the market on the finish of August was 467,000. This represents a provide
of seven.8 months on the present gross sales charge.”
Gross sales have been above expectations of 700 thousand SAAR, and gross sales for the three earlier months have been revised up. I am going to have extra later right this moment.
