Wed 25 Aug 2010
[Census] U.S. New Home Sales Fall 32.4% Y-O-Y, Lowest Level Since 1963
Posted by Jonathan J. Miller under Luxury, New Development , Market Reports (US)No Comments
The US Department of HUD and the US Census released their monthly new residential sales report for July 2010 (aka New Home Sales Report) and it showed a record low of activity, post tax credit since the metric has been recorded (1963)
Sales of new single-family houses in July 2010 were at a seasonally adjusted annual rate of 276,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.4 percent (±10.8%) below the revised June rate of 315,000 and is 32.4 percent (±8.7%) below the July 2009 estimate of 408,000.
Since the seasonally adjusted new home sale figure peaked at $1.4M haggling and commenting over the month over month numbers is clearly a waste of time. It does’t look like the tax credit had all that much effect on
Index background
The index captures the new home construction sales trends but doesn’t handle contract rescissions, something that dominated the sales process as the housing market corrected. Although I am wary of seasonal adjustments, my chart presents them including the annualized version since that is the way the numbers are reported. I also present the monthly version without annualized or seasonal adjustments (see above). Same idea just harder to read a trend from.
This index has some of the wildest margins of error ever presented. In the quote above, look at the ± adjustment that is applied to the m-o-m and y-o-y change. Its insanely high/low.




Miller Samuel Manhattan Luxury Housing Price Per Square Foot [MLH SQFT]
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