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Economy in Brief

New Home Sales Higher
by Tom Moeller September 27, 2004

Sales of new single-family homes recovered in August to 1.184M. The 9.4% m/m rise followed declines of 7.3% and 6.2% in the prior two months and the decline in July was revised slightly deeper versus the initial estimate. Consensus estimates had been for August sales of 1.150M.

Sales rose in each of the country's regions except the Midwest where they were off 8.3% (-13.3% y/y). In the South sales rose 12.6% (-1.5% y/y) and in the West sales jumped 19.5% (13.7% y/y). Sales in the Northeast rose 6.1% after two months of sharp decline (-7.9% y/y).

The median price of a new single family home fell 2.6% m/m to $208,900 (9.7% y/y) but the previously reported July decline was revised to a slight rise.

Homes Sales (000s, AR) Aug July Y/Y 2003 2002 2001
New Single-Family 1,184 1,082 -0.4% 1,089 976 907
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