AUGUST NEW HOMES SALES DECLINE 7.6%

 

·         New home sales fall 7.6% in August.  This follows a 9 year high in July when new home builds were up +13.8%.  This was the fastest pace since October 2007. 

·         New home sales are still +20.1% from last year with the median price of a new home being $284k.  This price is down 3.1% from July of this year and 5.3% lower than a year ago. 

·         It would take 4.6 months to exhaust new build inventory with the current sales pace.