(Click on image to enlarge)
Data from the Census Department, chart by Mish
Let’s discuss the report for August 2024.With advanced screeners and real-time data, you can spot trends and opportunities before the crowd. Back test strategies with 24 years of historical data. Join the community of savvy traders who are always one step ahead.
New Home Sales Details
New Home Sales: Sales of new single-family houses in August 2024 were at a seasonally adjusted annual rate of 716,000. This is 4.7 percent (±10.6 percent) below the revised July rate of 751,000, but is 9.8 percent (±22.1 percent) above the August 2023 estimate of 652,000.
Sales Price: The median sales price of new houses sold in August 2024 was $420,600. The average sales price was $492,700.
For Sale Inventory and Months’ Supply: The seasonally-adjusted estimate of new houses for sale at the end of August was 467,000. This represents a supply of 7.8 months at the current sales rate.
Note the margins of error in these sales numbers.
New Home Sales Since 1963(Click on image to enlarge)
New Home Sales Since 1963 Details
New home sales are down 30.1 percent from October 2020
New home sales are up 38.0 percent from July 2022
New home sales are about where they were in March of 1973
It’s pretty easy to spin the numbers however you want
New Home For Sale by Stage of Construction(Click on image to enlarge)
Stage of Construction Details
Of the alleged 467,000 homes for sales 96,000 have not been started
105,000 are finished and the number is rising at the fastest rate since the Great Recession
365,000 homes are started or completed. This represents a builder commitment that’s very hard to stop.
Increasing Inventory Notes (Lead Chart)
Most supply of completed homes since October 2009
Most supply of started or finished homes since May 2008
Counting vacant land, supply is the highest since March 2008
The Fed Predicts an Immaculate Soft LandingMeanwhile, please note my Hoot of the Day: I review all of the jobs and unemployment data. The Fed predicts a soft landing. I don’t.More By This Author:Germany Back In Stagnation, IFO Leading Economic Indicator Sinks Again21 Million Renter Households Spent Over 30% of their Income on Housing CostsFirst Dissent Since 2005 Shows Total Lack Of Diversity At The Fed
