MISS: New Home Sales Fall Below 300K

Photo: ProPublica

Headline: A big miss at 298K seasonally-adjusted annual rate versus 315K expectations. June was revised down 10K to 300K.2011 is shaping up to be the worst year on record.

Months of supply held steady at 6.6 months.

Despite the miss, the Dow is near session highs with 1% gains.

Expectations: 315K seasonally-adjusted annual rate, up 3K from July.

Analysis: Still far from the 700K annual rate needed for a healthy market. New homes represent one fifth of housing sales, but have an outsized economic impact.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

housing moneygame-us