August new home sales were originally reported at 629,000 units at a Seasonally Adjusted Annualized Rate (SAAR).

Today the New Residential Sales report shows August at 585,000 units and September at 553,000.

Before diving into the dismal numbers, recall that on September 26 I reported New Home Sales Rise Following Huge Two-Month Downward Revisions.

That alleged 3.5% rise, is now seen as a 3.0% decline. And on top of that decline, September sales plunged another 5.5%

New Home Sales

Sales of new single‐family houses in September 2018 were at a seasonally adjusted annual rate of 553,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.5 percent below the revised August rate of 585,000 and is 13.2 percent below the September 2017 estimate of 637,000.

Sales Price

The median sales price of new houses sold in September 2018 was $320,000. The average sales price was $377,200.

For Sale Inventory and Months’ Supply

The seasonally‐adjusted estimate of new houses for sale at the end of September was 327,000. This represents a supply of 7.1 months at the current sales rate

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The biggest decline in numbers was in the West.

Regional Numbers, in Thousands

  • US Total: 553 -5.5%
  • Northeast: 19 -40.6%
  • Midwest: 72 +6.9%
  • South: 318 -1.5%
  • West: 139 -12.0%

New Home Sales Down 13.2% Year-Over-Year

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This is the 4th consecutive month of new home sales declines. Existing Home Sales are Down for the 6th Consecutive Month.

There is no way to put lipstick on this pig.

Housing has peaked this cycle.

Mike "Mish" Shedlock

April New Home Sales Slide 1.5%, March Revised Sharply Lower

Economists expected a pullback in April sales. But it was bigger than expected on top of a huge March downward revision.

June New Home Sales Decline 5.3 Percent from Huge Revision Lower in May

Economists missed the mark badly on new home sales estimates. And over half of last month's surge was revised away.

New Home Sales Decline 6.9%, But From Upwardly Revised Numbers

New home sales fell 6.9% in April to a 673,000 (SAAR). Upward revisions added 39,000 sales to the prior two months.

New Home Sales Bounce 7% in June from Hugely Negative Revisions

New home sales rose 7% but the total fell far short of expectations because of revisions.

New Home Sales Rise Following Huge Two-Month Downward Revisions

I apologize for the diversion from political slime into actual economic reporting. But let's discuss new home sales.

December New Home Sales Jump 3.7% From Huge Negative Revisions

New home sales rose a seemingly solid 3.7% to 621K but the reason is suspect: Strong negative revisions in Oct and Nov.

New Home Sales Dive 8.9% in October, Down 12.0% From Year Ago

Upward revisions in Aug and Sep were not enough to offset a plunge in new home sales below any economist's forecast.

New Home Sales a Bit Short of Expectations, May Revised Lower

New home sales came in at a seasonally adjusted annualized rate of 610,000 units, just short of the Econoday consensus of 611,000.

New Home Sales Down 6.9% From Upwardly Revised December: Expect More Revisions

Six days ado the Census Department reported on December sales. Today we have January sales. It's been a wild ride.