New home sales plummeted over 54 percent in July compared to June. July’s 43 new home sales is the lowest number since February of this year.
Resales also fell off considerably. July’s 599 sales were off nearly 27 percent compared to June. But after June’s stellar number (see Washoe County recordings – June 2010 – sales skyrocket ) the retraction should not be surprising.
Refis showed the only improvement, reversing the previous four-month slide. Refis were up more than 11 percent in July.
Click on the chart to enlarge.
Thank you to our friends at Ticor Title for providing this data.
HighlyTrainedRealEstateAnalyst
I read somewhere that prices are way up, especially in Spanish Springs. I haven’t verified this rumor, but one possible reason that “new home sales plummeted” is because people are being priced out of this overheated real estate boom that we experienced in June – the boom that had nothing to do with the government trying to use debt money that is stolen from the public through inflation in order to manipulate consumer demand.
Better buy now during this ‘dip’ or risk being priced out of the market forever.
inclinejj
New home sales plummeted over 54 percent in July compared to June. July’s 43 new home sales is the lowest number since February of this year.
So much for the so called housing recovery!!!
MikeZ
Sales counts are important – and these are worrisome – but volume doesn’t reflect value.
July’s median price and median $/sq-ft numbers were in last week and they’re still stable.
No one’s called it a recovery, jay-jay.
billddrummer
I remain a renter until further notice.
Free Falling
Interesting. If you average out June and July resales, you get 700 sales per month which is still an increase over May. That is better than I would have expected given the number of sales pulled forward by the tax credit. Obviously we need to wait a while longer since ~100 of July sales were also tax credit deals based on an earlier calc.