Latest Forex News | New Home Sales | US Focus
RBS Research Team, said that new home sales of US rose to their highest level in nine years, increased 12.4% in July to an annualized level of 654,000 units seasonally adjusted and volatile this series by nature however there may be declined in August to a level of 600,000 units.
“The market for single-family homes has shown upward momentum. In fact, new home sales have increased at a double-digit pace year after year in every month since April. The National Association of Home Builders current sales increased from 63 in July to a five-month high of 65 August, and topped with a reading of 71 in September. However, limited supplies could have slowed the pace of sales in August.
In this July new homes for sale at the end of the month stood at its lowest level since November last year. These 233,000 households, at the level of current demand only translate into 4.3 months of supply (lowest since May 2013). Moreover, new construction activity cooled in this August as housing starts on single-family units overthrew a ten-month low of 722,000 units (annualized).”