DJ DATA SNAP: US Jul New-Home Sales Fall More Than Expected(DJ)
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New Home Sales Jul Jun ! Consensus: !
Overall Sales: 1.072M 1.120Mr ! 1.100M !
Percentage Change: -4.3% -0.9%r ! Actual: !
Months' Supply: 6.5 6.2r ! 1.072M !
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By Jeff Bater
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--New-home sales tumbled a second
consecutive month during July as mounting inventories allow
would-be buyers to wait for better deals.
Sales of single-family homes decreased by 4.3% to a seasonally
adjusted annual rate of 1.072 million, the Commerce Department
said Thursday. June sales fell 0.9% to 1.120 million, revised from
a previously estimated 3.0% decline to 1.131 million.
Wall Street expected a drop in July sales - but a smaller one.
Economists had been looking for a 2.7% decline to a 1.100 million
annual rate.
Year over year, sales were down 21.6% since July 2005. Data this
year have repeatedly showed a softening housing sector; on
Wednesday, the National Association of Realtors reported
existing-home sales fell last month to the lowest point since
January 2004.
Financing costs are rising. The average rate on a 30-year mortgage
crept to 6.76% in July, higher than June's 6.68% and July 2005's
5.70%.
Home prices have been going up, too. The average price of a home
increased to $293,500 in July, up from a revised $289,300 in June
and $289,300 in July 2005, according to Commerce. The median price
fell, however, going down to $230,000 in July from a revised
$233,800 in June and $229,200 in July 2005.
There were an estimated 568,000 homes for sale at the end of July,
which was another record. That represented a 6.5 months' supply at
the current sales rate - the highest since 6.8 in November 1995.
An estimated 562,000 homes were for sale at the end of June, a 6.2
months' inventory. Growing supply gives buyers the power to wait for
their price, analysts say.
By region, new-home sales in July fell 8.0% in the South and 21.3%
in the Midwest. Demand rose 1.8% in the Northeast and 11.7% in the
West.
Based on figures unadjusted for seasonal factors, an estimated
91,000 homes were actually sold last month in the U.S., down from
102,000 in June.
-By Jeff Bater, Dow Jones Newswires;
DJ Table Of Data On New Home Sales From Commerce(DJ)
(Jul) (Jun) (May)
Sales At Annual Rate 1,072,000 1,120,000 1,130,000
Percent Change -4.3 -0.9 0.8
Northeast 56,000 55,000 65,000
Percent Change 1.8 -15.4 12.1
Midwest 133,000 169,000 181,000
Percent Change -21.3 -6.6 9.7
South 550,000 598,000 613,000
Percent Change -8.0 -2.4 1.5
West 333,000 298,000 271,000
Percent Change 11.7 10.0 -7.8
Median Price 230,000 233,800 235,800
Mean Price 293,500 289,300 291,900
Houses For Sale 568,000 562,000 563,000
Months of Inventory 6.5 6.2 6.0
(Percent changes are increases unless preceded
by minus sign.)
posted by Cannon Trading at 7:12 AM
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