New Home Sales Plunge 11.5%

New home sales plunged 11.5% month-over-month in August to 460,000 annualized units from a revised 520,000 units a month ago. The consensus estimate was 518,000 and the drop was 34.47% on a year-over-year basis, which was a slight deceleration from last month’s 35.30% drop.

What is especially depressing here, however, is that inventories rose, from 10.3 months of supply the month prior to 10.9 months of supply. This is exactly what you don’t want to see happening if you’re looking for some kind of bottom.

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