Census: Home sales drop slightly in August
Home sales dropped 0.3 percent since July 2012 but rising 27.7 percent above the level seen in August 2011, according to the US Census Bureau.
Home sales dropped 0.3 percent since July 2012 but rising 27.7 percent above the level seen in August 2011, according to the US Census Bureau.
Yesterday, the聽U.S. Census Department聽released its monthly聽New Residential Home Sales Report聽for August showing a slight monthly decline with sales dropping 0.3% since July but rising 27.7% above the level seen in August 2011 and remaining at an historically low level of 373K SAAR units.聽
It's important to recognize that the聽inventory of new homes聽has now fallen to a new series low at 141K units, lowest level seen in in at least 47 years while the聽median number of months for sale聽increased to 8.3.聽
The monthly supply went flat at 4.5 months while the median selling price increased 16.99% and the average selling price increased 13.88% from the year ago level.聽