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ECON: New Home Sales MUCH Weaker Than Expected
Posted to: Micro News
Friday, August 23, 2013 10:13 AM
- Sales 394k vs 490k forecast, lowest since Oct 2012
- 13.4 pct decline is biggest since May 2010
- Supply rose from 4.3 to 5.2 months
- Previous month revised from 497k to 455k
- Market Reaction: Sharp rallies in TSYs and MBS. This was a very big miss.
Sales of new single-family houses in July 2013 were at a seasonally adjusted annual rate of 394,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 13.4 percent (±14.5%)* below the revised June rate of 455,000, but is 6.8 percent (±18.6%)* above the July 2012
estimate of 369,000.
The median sales price of new houses sold in July 2013 was $257,200; the average sales price was $322,700. The
seasonally adjusted estimate of new houses for sale at the end of July was 171,000. This represents a supply of 5.2
months at the current sales rate.
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