New home sales cratered, according to the Commerce Department. The news comes one day after similar news on existing home sales
“Sales of new single-family houses in July 2010 were at a seasonally adjusted annual rate of 276,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 12.4 percent (±10.8%) below the revised June rate of 315,000 and is 32.4 percent (±8.7%) below the July 2009
estimate of 408,000,” said the department. The number was well below consensus estimates.
“The median sales price of new houses sold in July 2010 was $204,000; the average sales price was $235,300. The
seasonally adjusted estimate of new houses for sale at the end of July was 210,000. This represents a supply of 9.1
months at the current sales rate.”
Douglas A. McIntyre
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