We're On Pace For The Lowest New Home Sales Ever

Alejandro Lazo at the LA Times wrote today: New home sales stuck at the bottom in August

“This year is shaping up to be the worst year on record for new home

,” [Patrick Newport, U.S. economist with IHS Global Insight] wrote in a note.

The Census Bureau started tracking New

in 1963, and the record low was 412,000 in 1982 – until that record was broken in 2009 – and then again in 2010 – and it looks another new record in 2011.

Here is a table of the last 10 years – remember that sales in 2009 and 2010 were boosted by the tax credit.

New Home SalesYearTotalTotal through August2000 877 608 2001 908 644 2002 973 670 2003 1,086 759 2004 1,203 841 2005 1,283 906 2006 1,051 756 2007 776 577 2008 485 365 2009 375 261 2010 323 231 2011 3031 211 1Current 2011 Pace

On August Home Sales:
New Home Sales decline slightly in August
• Last week: Existing Home Sales in August: 5.0 million SAAR, 8.5 months of supply
• Graph Galleries: New Home Sales and Existing Home Sales

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