RSS Feed by Calculated Risk on 9/26/2011 07:35:00 PM
Monday, September 26, 2011
On Pace for Record Low New Home Sales in 2011
Alejandro Lazo at the LA Times wrote today: New home sales stuck at the bottom in August
"This year is shaping up to be the worst year on record for new home sales," [Patrick Newport, U.S. economist with IHS Global Insight] wrote in a note.The Census Bureau started tracking New Home sales in 1963, and the record low was 412,000 in 1982 - until that record was broken in 2009 - and then again in 2010 - and it looks another new record in 2011.
Here is a table of the last ten years - remember that sales in 2009 and 2010 were boosted by the tax credit.
| New Home Sales | ||
|---|---|---|
| Year | Total | Total through August |
| 2000 | 877 | 608 |
| 2001 | 908 | 644 |
| 2002 | 973 | 670 |
| 2003 | 1,086 | 759 |
| 2004 | 1,203 | 841 |
| 2005 | 1,283 | 906 |
| 2006 | 1,051 | 756 |
| 2007 | 776 | 577 |
| 2008 | 485 | 365 |
| 2009 | 375 | 261 |
| 2010 | 323 | 231 |
| 2011 | 3031 | 211 |
| 1Current 2011 Pace | ||
On August Home Sales:
• New Home Sales decline slightly in August
• Last week: Existing Home Sales in August: 5.0 million SAAR, 8.5 months of supply
• Graph Galleries: New Home Sales and Existing Home Sales
