MNI DATA ANALYSIS: US Aug Home Sales -3.4% To 560,000 SAAR>

--Home Supply +3.6% To 284,000, Largest Since May 2009 (291k)

By Sara Haire and Holly Stokes

     WASHINGTON (MNI) - The pace of new single-family home sales fell by 

3.4% to 560,000 at a seasonally adjusted annual rate in August, 

following a modest upward revision to the sales pace in the previous 

month, data released by the Commerce Department Tuesday showed. 

     The sales pace was well below expectations of 581,000, based on an 

MNI survey of economists. 

     The supply of new homes for sale rose by 3.6% to 284,000 in August. 

Based on the movements in sales and supply in August, the months supply 

jumped to 6.1 months from 5.7 months in July, well above the 5.1 months 

supply a year ago. 

     Despite the increase in supply, the median sales price of new 

homes fell by 6.2% to $300,200 in August but was up 0.4% from 

August 2016. 

     Sales fell by 2.6% in the Northeast, by 4.7% in the large South 

region and by 2.7% in the West region, while the Midwest was 

unchanged. 

     New home sales in July were revised up to a 580,000 rate from the 

571,000 rate previously reported, while June sales were revised down to 

a 614,000 rate from the 630,000 pace previously reported. May sales were 

revised down to a 606,000 pace from the previously reported 618,000 

rate. 

     Year-to-date sales, before seasonal adjustment, were up 7.5% 

from the same eight month period a year ago.

     The Commerce Department released a statement explaining that in 

their Survey of Construction  for single-family permits sampled in 

August, information on the "sales status at the end of August was 

collected for only about 65% of cases in the Texas and Florida 

counties." Normally, the information sampled is observed at 95%. This 

could affect the number of houses not yet started and for data about 

houses under construction and completions for the months to come.    

     ** MNI Washington Bureau (202) 371-2121 ** 

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]