Today, in the Calculated Risk Real Estate Newsletter: New Home Sales decrease to 675,000 Annual Rate in August
Brief excerpt: The Census Bureau reports New Home Sales in August were at a seasonally adjusted annual rate (SAAR) of 675 thousand. The previous three months were revised up, combined.
The next graph shows new home sales for 2022 and 2023 by month (Seasonally Adjusted Annual Rate). Sales in August 2023 were up 5.8% from August 2022. Year-to-date sales are up 1.8% compared to the same period in 2022.
As expected, new home sales were up year-over-year in August, and it is fairly certain there will be more sales in 2023 than in 2022 – although 7%+ mortgage rates will likely slow sales.You can subscribe at https://calculatedrisk.substack.com/.