New home sales drop to three-month low. NSW had the largest rise in sales of detached new homes in May, up 13.6 per cent, while South Australia rose 2.1 per cent. Queensland had the largest decline in sales, down 12.3 per cent, Western Australia was down 10.7 per cent and Victoria fell 8.5 per cent.
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Declining due to lack of housing inventory. Existing home sales decreased in January, seeing the largest annual decline in more than three years, according to the latest release from the National Association of Realtors. total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops,
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New home sales in August decreased to a seasonally adjusted annual rate of 560,000, a new low for 2017. However, housing inventory also increased, reaching 6.1 months at the current sales rate.
Detached real estate sales have fallen to a multi-year low across the board. rebgv reported 339 sales in January, a 2.3% decline from the month before. This represents a 30.4% decline compared to last year. The monthly decline is typical for this time of year, but the annual decline is another story.
After two consecutive months of decline, existing-home sales around the country rebounded by 3 percent from January, according to the National Association of Realtors. Existing-home sales grew from 5.38 million in January to 5.54 million in February and are currently up 1.1 percent from last year.
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An unexpected decline in sales of previously owned homes last month to the lowest level since August 2016 indicates rising prices and lean inventories are impeding faster growth in the housing market, National Association of Realtors data showed on Thursday.
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· Economists surveyed by The Wall Street Journal had expected a 1.6% drop for starts and a 2.6% decline for permits in February.
US New Home Sales at 8-Month Low. Sales of new single-family houses in the united states declined 5.3 percent from the previous month to a seasonally adjusted annual rate of 631 thousand in June of 2018, following a downwardly revised 3.9 percent gain in May.
Sales of newly built homes in particular fared even worse this February, with a decline of 43.9 percent from the month’s historical average of new home sales. Bay Area home sales were at an 11-year.