–Home Supply Falls To 42-Year Low In August
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales was
unchanged at a rate of 288,000 in August after seasonal adjustment,
close to the record low set in May and still indicating weakness in the
housing sector, data released Friday by the Commerce Department showed.
Home sales were down sharply in the Midwest and South regions, but
up sharply in the Northeast and West regions.
Analysts had expected a slight increase in sales to a 295,000
seasonally adjusted annual rate. There were mixed revisions to sales in
the previous two months.
On an unadjusted basis, new home sales were down 7.4% from July,
and were down 30.6% from a year ago.
The supply of homes for sale fell for the third straight month to
206,000 in August, the lowest level since the same reading in August
1968. As a result of the supply drop and unchanged sales pace, the
months supply fell to 8.6 months from 8.7 months in July.
The median sales price fell 0.6% to $204,700 in August, and was
down 1.2% from a year ago. This is the lowest median sales price since
December 2003, when it was reported at $196,000.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
