July home sales slow, but demand stays strong:Week of August 28, 2017\Not an inspiring week for housing data, but things weren't as bad as they first looked. Wednesday, New Home Sales came in down 9
July Home Sales Slow
July home sales slow, but demand stays strong:
Week of August 28, 2017
\Not an inspiring week for housing data, but things weren't as bad as they first looked. Wednesday, New Home Sales came in down 9.4% in July, at a 571,000 annual rate. Yes, sales for the month weren't strong, but the dip looked worse, measured against June's upwardly revised annual selling pace. Plus, the 8.9% drop in sales from a year ago compares this July's performance to July 2016, which ranked as that year's largest monthly gain for new home sales. An executive of a firm that provides housing information added, "housing starts are currently outpacing closings, signaling a growing market."
That same exec reported, "Job growth is the number one fundamental fuel of new home development," noting that the recent increase in high quality, higher paying jobs, is moving more Americans closer to home ownership. Existing Home Sales in July fared better, off just 1.3%, to a 5.44 million annual rate, and 2.1% ahead of where they were a year ago. Demand stays strong--July was the fourth month in a row a typical listing sold in under 30 days. Realtor.com's chief economist said, "continued buyer interest in the face of more than five years of price growth is a sign of strong demand, and bodes well for the health of the housing market."
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