Junes New Home Sales Revision Was a Post-Crisis Record

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Posted To: MND NewsWire

The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes fell 12.8 percent in July to a seasonally adjusted annual rate of 635,000 units. Forecasts pinned that number at 645k. While missing the mark by 10,000 units and a 12.8 percent drop sound fairly significant, context is hugely important in this case. The 635k number constitutes a 4.3 percent improvement from the same month last year. But this data is prone to heavy revisions, and that’s where the story gets better for the housing market this month. July’s 635k may or may not be revised. What we do know is that June’s number was revised in rather grand fashion–nearly 14 percent higher than the initial reading. With that, June was 20.9% higher than May, and logged an annual pace of…(read more)

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