New Home Sales Post First Gains Since March
New home sales recovered slightly in July after two months which saw the annual rate of sales dip by an aggregate of more than 100,000 units. The U.S. Census Bureau and Department of Housing and Urban Development say sales in August were at a seasonally adjusted annual rate of 708,000 units and June sales were higher than originally reported. Last month’s estimate of a 676,000 unit annual rate was revised to 701,000. This makes the July number a 1.0 percent month-over-month gain, the first since March. Sales in July lagged the rate in July 2020 of 972,000 units, a -27.2 percent change. A slight increase in sales had been expected. Analysts polled by Trading Economics and by Econoday had each reached a consensus estimate of a 700,000 unit annual rate.
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