by Calculated Risk July 24, 2024 10:00 AM
Census Bureau Reports New home sales in June were at a seasonally adjusted annual rate (SAAR) of 617,000.
The figures for the past three months have been revised upwards significantly.
New single-family home sales in June 2024 Seasonally adjusted annual rate: 617,000That’s 0.6 percent lower than the revised May figure of 621,000 and 7.4 percent lower than the June 2023 estimate of 666,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
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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 9.1 months in May to 9.3 months in June.
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 June were 476,000, which equates to 9.3 months of supply at current sales rates.”
While sales came in below the expected 640,000 SAAR, sales for the past three months were revised upwards significantly in total. More details to come.
