STRONGER JULY HOUSING SALES
August 27th, 2007The US Census Bureau released the national sales figures for existing homes for July today and the numbers were better than expected.
Sales of new one-family houses in July 2007 were at a seasonally adjusted annual rate of 870,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.8 percent (±12.0%)* above the revised June rate of 846,000 and is 10.2 percent (±12.3%)* below the July 2006 estimate of 969,000. These numbers are were significantly better than expectations though still well below 2006 results. Median sales price was essentially flat. At current absorption rates, we have about 7.5 months of inventory across the nation. Another piece of good news also came in. Durable goods orders for July increased 5.9%. One major caveat to these numbers, they predate the worst of the recent turmoil in the financial markets. For more information, contact us!
