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Sales of new
single-family homes rose by 31,000 units (7.9 percent) to 421,000 (SAAR ). Meanwhile, the median price of new homes sold dropped
by another $1,700 (0.7 percent) to $254,600; prices are $24,700 (8.8 percent)
below their April peak. With starts rising faster than sales, the three-month
average starts-to-sales ratio increased to 1.44 in August. Click here
for our post on August housing permits, starts and completions.
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Single-unit
completions edged up by 3,000 units (0.5 percent). Because sales picked up in
August, new-home inventory retreated by 0.1 month-of-sales even while the absolute
number of homes rose by 5,000 units.
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Existing home sales
increased at a slower pace (90,000 units or 1.7 percent) to 5.48 million units
(SAAR ) in August; as a result, the share of
total sales comprised of new homes nudged up to 7.1 percent. The median price
of previously owned homes sold in August edged lower (by $300 or 0.1 percent),
to $212,100.
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Although
the median price of existing homes for
sale was virtually unchanged in July (just $600 lower than in June), housing
affordability continued to erode because of rising mortgage interest rates.
Concurrently, Standard
& Poor’s reported that the 10- and 20-City Composites in the
S&P/Case-Shiller Home Price indices posted not-seasonally adjusted monthly gains
of, respectively, 1.9 and 1.8 percent in July (12.3 and 12.4 percent,
respectively, relative to a year earlier). The seasonally adjusted 20-City
Composite increased by just 0.6 percent (relative to June), well below expectations
of +0.8 percent. This was the third consecutive monthly miss to expectations,
and suggests that price momentum may be starting to fade.
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The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
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