August New Home Sales Drop 2.3% to 295,000 units.

August new home sales dropped 2.3% to 295,000.  It was in line with consensus expectations and comes after July was upwardly revised to a 302,000 unit pace (was 298,000). The Northeast fell 13.6% to a 19,000 unit pace, likely from Hurricane Irene distortions. However the South and the West also saw declines, down 2.4% and 6.3%, respecitively. The Midwest saw a 8.2% gain to 53,000, the third monthly gain. Total sales are up 6.1% over last August, with the Midwest up 65.5% y/y and the South up 9.3%. The Northeast and the West are down 36.7% and 10.6%, respectively. The months’ supply of unsold homes on the market edged up to 6.6 months, near the 6.5 month rate seen in July, though near historic averages of 5.5 to 6 months. The median sales price fell 8.7% to $209,100 in August over last year. The report came in about as expected, to likely have a small impact on markets today. 

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