Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

New Home Sales in May,June,July revised sharply lower, down 17.4% Y-Y- don't tell anyone...
(but reported, seasonally adjust Aug #s beat expectations! - what complete and utter bullshit- anyone in the RE business knows that activity levels are moribund. New home purchase incentives amount to 10% of "list price" in many regions)

U.S. Aug new-home sales up 4;1% to 1.05 million pace
By Rex Nutting
Last Update: 10:00 AM ET Sep 27, 2006

WASHINGTON (MarketWatch) - Sales of new homes increased 4.1% in August to a seasonally adjusted annual rate of 1.05 million from a revised three-year low in July, the Commerce Department reported Wednesday. It was the first increase in new-home sales since March. Sales are down 17.4% in the past year. Sales in May, June and July were revised sharply lower. Economists were expecting sales to fall about 3.4% to a rate of 1.036 million. The August result is about 1.4% higher than expected. The supply of unsold homes dropped 0.4% to 568,000, representing a 6.6-month supply at the August rate from 7.0 months in July. The median sales price of a new home fell 1.3% year-on-year to $237,000, the first year-on-year decline since 2003.

FIRST YEAR-OVER-YEAR DROP IN MEDIAN SALES PRICE SINCE 2003

U.S. AUG. NEW-HOME SALES FALL IN WEST TO 5-YEAR LOW

U.S. JULY NEW-HOME SALES REVISED TO 1.009M, 3-YEAR LOW

U.S. AUG. NEW-HOME INVENTORIES DIP TO 6.6-MONTH SUPPLY

U.S. AUG. NEW-HOME MEDIAN SALES PRICE DOWN 1.3% Y-O-Y
nehmt die incentives von im schnitt 10% (in der spitze bis 30%) hinzu und das ganze sieht noch unerfreulicher aus.

U.S. AUG. NEW-HOME SALES UP 4.1% TO 1.05M V. 1.04M EXPECTED

Sales are down 17.4% in the past year (was hidden in the fineprint)