August numbers in for new home starts
After reporting on the existing home sales for August, we can now report on the new home starts for that month. The Commerce Department is reporting that for the month of August, new home sales were down following a record month in July.
The report is not yet posted to the Department of Commerce website, but the website of the National Association of Home Builders, reports that "Despite a 9.9 percent decline from July’s record pace, the August sales rate was 6.2 percent above a year ago and actual sales-to-date were a healthy 7.4 percent higher than at this point last year."
And how did the statistics stack up around the country?
"Sales in the Northeast were down 22.0 percent, following a 13.6 jump the month before while the West dipped 17.9 percent following an almost 23 percent surge in July. Sales in the South were down 2.2 percent and Midwest dropped 10.6 percent for the month."
The article does report, however, that there is still demand for new homes.
To read more, go here.