MetroIntelligence Economic Update by P. DUFFY
New home sales rebound 28.8 percent in August but mostly flat year-on-year
Sales of new single‐family houses in August 2022 were at a seasonally adjusted annual rate of 685,000, up 28.8 percent from July but mostly flat year-on-year, down 0.1 percent. Months of inventory fell from 10.4 to 8.1 months between July and August vs. 6.5 months in August 2021. The median sales price was $436,800, down 6.3 percent from July but up 8.0 percent year-on-year. The average sales price was $521,800, also down 6.3 percent from July but up 11.0 percent year-on-year.
Pending home sales drop for third month, down 2.0 percent in August and 24.2 percent year-on-year
Pending home sales waned for the third consecutive month, down 2.0% from July and 24.2% year-on-year. For the second month in a row, pending sales retreated in the Northeast, Midwest and South, while the West, again, registered a small increase. Compared to the previous year, contract signings retracted by double-digit percentages in each region.
July Case-Shiller Index slips 0.3 percent, sharpest monthly decline since late 2014
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 15.8% annual gain in July, down from 18.1% in the previous month. This is the sharpest monthly decline in the growth rate of the index since its inception. The U.S. National Index posted a month-over-month decrease of -0.3%, the sharpest fall since November 2014.