by Calculated Threat on 9/25/2024 10:00:00 AM
The Census Bureau reviews New Residence Gross sales in August had been at a seasonally adjusted annual fee (SAAR) of 716 thousand.
The earlier three months had been revised up.
Gross sales of recent single-family homes in August 2024 had been at a seasonally adjusted annual fee of 716,000, in response to
estimates launched collectively as we speak by the U.S. Census Bureau and the Division of Housing and City Improvement.
That is 4.7 % beneath the revised July fee of 751,000, however is 9.8 % 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 fee.
New dwelling gross sales had 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 document excessive was 12.2 months of provide in January 2009. The all-time document low was 3.3 months in August 2020.
That is nicely above the highest of the conventional 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 fee.”
Gross sales had been above expectations of 700 thousand SAAR, and gross sales for the three earlier months had been revised up. I will have extra later as we speak.
