CFAH

On the heels of yesterday’s dismal existing home sale stats and a leading indicator, sales of new single-family U.S. homes fell to annual pace of 276,000 in July, down 12.4 percent from June and down 32.4 percent on a year-over-year basis for a new record (s)low.
Existing U.S. Home Sales Pace Plunges 27.2% In July (25.5% YOY) [SocketSite]
New Residential Sales: July 2010 [census.gov]
New Home Sales Pick Up The Pace But Still Running Second To Last [SocketSite]

Comments from Plugged-In Readers

  1. Posted by marina girl

    and the .HGX rallies on the news. the “it can’t get any worse” rally, i guess?

  2. Posted by Embarcadero

    That seems awfully optimistic Marina girl. RE prices in Japan are down 50% and it’s better than a decade since that bubble popped.
    This isn’t getting any better any time soon. In fact, it may get much worse.

  3. Posted by A.T.

    Who knows what drives certain sectors? In my job I’m privy to lots of “non-public information” which, if I traded on it, would land me in prison, but when I venture a guess (never acted upon) as to the market impact of the news when it becomes public, I’m only right about 50% of the time — i.e. a coin toss (see why I never act on it?).
    With that big caveat that my guess is only that, I can speculate that HGX companies are moving because of rumors of consolidation in the industry, and bets on merger premiums.
    By the way, marina girl, you are one of my top 3 favorites posters here — keep playing, please!

  4. Posted by tipster

    Toll Brothers posted a profit, and had revenue that wasn’t as bad as expected, so the home builders are up today.

  5. Posted by kathleen

    Sales of New Single Family Homes.
    Good data for Lennar and other community SFR suburban builders.
    In the primarily resale urban environment how does this really impact San Francisco?
    This and case/shiller are news you can’t use if you are looking soley at 7×7 SF.
    [Editor’s Note: It might depend on whether or not you believe the San Francisco market is detached (or not) from the health of the U.S. economy as a whole.]

  6. Posted by sfrenegade

    “It might depend on whether or not you believe the San Francisco market is detached (or not) from the health of the U.S. economy as a whole.”
    I agree with the editor. Many believe that housing starts are a leading indicator of economic growth. This number may matter a lot to SF.

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