Wednesday, August 23, 2017

A few Comments on July New Home Sales

by Bill McBride on 8/23/2017 02:44:00 PM

New home sales for July were reported at 571,000 on a seasonally adjusted annual rate basis (SAAR). This was well below the consensus forecast, however the three previous months were revised up sharply.  Overall this was decent report.

Sales were down 8.9% year-over-year in July.

Earlier: New Home Sales decrease to 571,000 Annual Rate in July.

New Home Sales 2015 2016Click on graph for larger image.

This graph shows new home sales for 2016 and 2017 by month (Seasonally Adjusted Annual Rate).  Sales were down 8.9% year-over-year in July.

Note that sales in July 2016 were strong, so this was a difficult year-over-year comparison.

For the first seven months of 2017, new home sales are up 9.2% compared to the same period in 2016.

This was a strong year-over-year increase through July.