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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