Sales of new one-family houses in August 2007 were at a seasonally adjusted annual rate of 795,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.3 percent (±12.4%)* below the revised July rate of 867,000 and is 21.2 percent (±9.0%) below the August 2006 estimate of 1,009,000.
These are terrible numbers.
The good news in this report is the available supply is decreasing.
However, the months of supply is still high because of the decrease in the seasonally adjusted annual rate of home sales.
Finally, here is a chart of the seasonally adjusted annual rate of sales.
