Supply of new homes shows a stabilizing housing market
Today the Census Bureau‘s new home sales report came in as a beat of estimates at 740,000, but the most important aspect is that revisions came in positive for the prior months, which shows a more stable market as revisions are always key with new home sales and housing starts.From the Census Bureau: “Sales of new single‐family houses in August 2021 were at a seasonally adjusted annual rate of 740,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.5 percent (±15.1 percent)* above the revised July rate of 729,000, but is 24.3 percent (±19.1 percent) below the August 2020 estimate of 977,000.”The monthly supply data — which I focus on more than any other housing data — came in at 6.1 months and the three-month average is running at 6.06 months.
We have seen a noticeable pick up in the monthly supply data for the new home sales sector. Before this report, the monthly supply data got to 6.2 months before the slight fall this month to 6.1 months
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