by Calculated Danger on 10/24/2024 10:00:00 AM
The Census Bureau studies New Dwelling Gross sales in September have been at a seasonally adjusted annual price (SAAR) of 738 thousand.
The earlier three months have been revised down.
Gross sales of recent single-family homes in September 2024 have been at a seasonally adjusted annual price of 738,000,
in accordance with estimates launched collectively at this time by the U.S. Census Bureau and the Division of Housing and City
Improvement. That is 4.1 % above the revised August price of 709,000 and is 6.3 % above the September 2023 estimate of 694,000.
emphasis added
Click on on graph for bigger picture.
The primary graph exhibits New Dwelling Gross sales vs. recessions since 1963. The dashed line is the present gross sales price.
New residence gross sales have been near pre-pandemic ranges.
The second graph exhibits New Dwelling Months of Provide.
The months of provide decreased in September to 7.6 months from 7.9 months in August.
The all-time document excessive was 12.2 months of provide in January 2009. The all-time document low was 3.3 months in August 2020.
That is nicely above the highest of the conventional vary (about 4 to six months of provide is regular).
“The seasonally-adjusted estimate of recent homes on the market on the finish of September was 470,000. This represents a
provide of seven.6 months on the present gross sales price. “
Gross sales have been above expectations of 710 thousand SAAR, nonetheless, gross sales for the three earlier months have been revised down. I am going to have extra later at this time.
