Today the Census Bureau‘s new home sales report came in as a blow of estimates at 740,000 but the most important aspect is that the revisions came in positive for the previous months showing a more stable market as revisions are always critical in new home sales and home start ups .
From the Census Bureau: “New single-family home sales were at a seasonally adjusted annual rate of 740,000 in August 2021, according to estimates released today jointly by the U.S. Census Bureau and the U.S. Census Bureau. Ministry of Housing and Urban Development. This is 1.5 percent (±15.1 percent)* above the revised rate of 729,000 in July, but 24.3 percent (±19.1 percent) below the estimate of 977,000 in August 2020.
The monthly supply data – which I focus on more than any other housing data – came in at 6.1 months and the three-month average is 6.06 months.
We see a striking increase in the monthly supply data for the new-build sector. Before this report, monthly supply data came to 6.2 months before the slight decline this month to 6.1 months