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Economy in Brief

New Home Sales and Prices Up
by Tom Moeller August 24, 2007

July new home sales increased 2.8% from June to 870,000 following a 4.0% drop during June which was less than reported initially.

The sales increase during July owed mostly to a 22.4% (-19.6% y/y) gain in sales in the West. Sales also rose 0.6% (-3.0% y/y) in the South but in the Northeast sales fell 24.3% (11.7 y/y) after a similar drop during June. In the Midwest sales fell 0.9% (-18.2% y/y) after a whopping 21.5% decline during June.

The inventory of unsold homes fell 0.9% (-7.0% y/y) after three months of steady decline.

The median new home price rose 3.9% (+0.6% y/y) after three months of hard decline during which the June decline was deepened to -4.6% m/m.

US New Homes July June Y/Y 2006 2005 2004
Total Sales (SAAR, 000s) 870 846 -10.2% 1,049 1,279 1,201
Median Price (NSA, $) 239,500 230,600 0.6% 241,125 234,208 217,817
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