by Calculated Risk September 25, 2024, 10:00 AM
Census Bureau Reports New home sales in August were at a seasonally adjusted annual rate (SAAR) of 716,000.
The past three months have been revised upwards.
New single-family home sales in August 2024 Seasonally adjusted annual figure of 716,000According to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development, the July 2023 residential population will exceed 250,000 as of November 2023. This is 4.7% lower than the revised July estimate of 751,000 but 9.8% higher than the August 2023 estimate of 652,000.
Add emphasis
Click on the graph to enlarge the image.
The first graph shows new home sales and recessions since 1963. The dashed line is the current sales rate.
New home sales are approaching pre-pandemic levels.
The second chart shows the months of supply of new homes.
Months of supply increased from 7.3 months to 7.8 months in August.
The highest on record was 12.2 months in January 2009. The lowest on record was 3.3 months in August 2020.
This is well above the upper limit of the normal range (about a 4-6 month supply is normal).
“Seasonally adjusted new home sales estimates for the end of August were 467,000, which equates to 7.8 months of supply at current sales rates.”
Sales exceeded expectations of 700,000 SAAR and sales for the past three months were also revised upwards. More details to come.
