The rate of new home sales sank 11.5 percent in August, according to the latest report by the U.S. Census Bureau and the Department of Housing and Urban Development.
Sales were also 34.5 percent below last year’s pace, hitting a 17-year low for the index. The amount was also well below what economists had predicted.
Additionally, the amount of homes for sale increased from a 10.3-month supply to a 10.9-month inventory.
The south fared a little better than the rest of the country in August, with the number of new homes sold dropping only 2.1 percent from July. Still, that’s 24.4 percent below the number of homes sold last year.
New home sales have fallen nationwide 66.9 percent from their peak in July 2005.
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