New home sales declined in August

Sales of single-family homes fell 2.3 percent in August, but numbers are still up 6.1 percent from August 2010

  • close
    This chart shows the number of new single family home sales between 2004 and 2011. Sales dropped sharply in 2008 and have not recovered.
    View Caption
  • About video ads
    View Caption

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for August showing a monthly decline with sales falling 2.3% since July but increasing 6.1% from August 2010 and remaining at an epically low level of 295K SAAR units.

It's important to recognize that the inventory of new homes has now fallen to a new series low at 162K units, lowest level seen in in at least 47 years while the median number of months for sale declined to 8.9.

The monthly supply remained flat at 6.6 months while the median selling price declined 7.72% and the average selling price declined 8.48% from the year ago level.

The above chart show the extent of sales decline to date (click for full-larger version).

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here.To add or view a comment on a guest blog, please go to the blogger's own site by clicking on

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.