Photo: wiki commons
295k new homes — seasonally adjusted annual rate — were sold in August, which was in line with the 294k expected.This is down 2.3% month over month, from July’s 302k number, which was revised up from an earlier reading of 298k.
In August, the average selling price for new homes was $246,000, which is down 8.7% from July.
The number could’ve been worse. But they still look horrific in historical context.
Stocks sold off after the report came out.
Photo: Calculated Risk
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