Monday, September 26, 2011

On Pace for Record Low New Home Sales in 2011

by Calculated Risk on 9/26/2011 07:35:00 PM

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
YearTotalTotal through August
2000877608
2001908644
2002973670
20031,086759
20041,203841
20051,283906
20061,051756
2007776577
2008485365
2009375261
2010323231
20113031211
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