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New Home Sales Surge to 7-Year High, but Context Remains Important
Thursday, September 24, 2015
Sales of newly constructed single-family houses, unlike
their existing home counterparts, continued to rise in August. While existing home sales overall fell by 4.8
percent in August and single family sales by 5.3 percent, new homes sold at a
seasonally adjusted annual rate of 552,000 units, an increase of 5.7 percent
from July's sales and 21.6 percent higher than sales in August 2014 of 454,000.
The August sales rate was the highest in more than 7 years and was far above analysts' expectations of 515,000. Context is important though...
The New Residential
Sales report, jointly produced by the U.S. Census Bureau and the Department
of Housing and Urban Development also contained revised July sales numbers. These were raised to 522,000 from the 507,000
estimate originally provided.
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