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Cliff-Diving Continues For New Home Sales, Now Down to 2016 Levels

Cliff-Diving Continues For New Home Sales, Now Down to 2016 Levels

August 23, 2022
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The headline conveys the thesis quite well when it comes to the New Residential Sales data just released by the Census Bureau. July's total fell to a seasonally-adjusted annual pace of 511k, down from 585k last month and well below the median forecast of 575k.  This is the slowest pace of sales since early 2016. Sales are divided into 4 areas of the country.  The South added 342k of the 511k while the West added 98k.  Both were down more than 12% month over month--more than enough to tank the national number.  Incidentally, the Midwest's 54k contribution was more than 20% lower while the Northeast improved 13.3% with a 17k unit annual pace. Put 'em together and whaddaya got? Ouch.   Notably, this is NEW home sales--not to be confused with Existing Home Sales, which compri
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