The US Census Bureau and the US Department of Housing and Urban Development released the New Residential Sales Report for August 2005 [PDF].
Here are the highlights: [MarketWatch]
* The survey represents about 15% of all residential housing sales.
* Sales of new homes fell 9.9% from July 2005
* Sales of new homes increased 6.2% from August 2004
* Listing inventory increased 2.6% from July 2005
* Listing inventory increased 18.0% from August 2004
* A 4.7 month supply of housing at the present rate, up 14.6% from 4.1 months in July 2005
* A 4.7 month supply of housing at the present rate, up 9.3% from 4.3 months in August 2004
* Median sales price was $220,300, up 2.5% from $215,000 in July 2005
* Median sales price was $220,300, up 1% from $218,100 in August 2004
For more charts:
What does this all mean?
Well, the survey size is small relative to existing home sales but its based on contracts so its closer to actual market conditions right now. Did you know that this survey is not made based on actual sales data but rather it is based on sample surveys?
The report indicates that the national housing market for August weakened with a drop in volume from last month, an expansion of inventory, yet still an increase in prices. Much of the drop was artibuted to the slow down in multi-family housing, namely condominiums and rentals [REJ]. The jump in mortgage rates in July may have been one of the catalysts for the slow down.
Tags: Commerce Dept, Census