US: New home sales fell by 7.6% m/m to 609k in August - TDS

Research Team at TDS, notes that the US new home sales fell by 7.6% m/m to 609k in August, a less severe decline than that expected by the market.

Key Quotes

“Sales fell by 48k in the southern region, which was the primary driver of the headline result. Despite the sharp decline in sales activity, the level of new home sales continues to trend higher with sales in August offsetting only part of the outsized (and unsustainable) 12% gain from the prior month. Meanwhile, the Dallas Fed Manufacturing index posted a smaller-than-expected improvement in September as the index rose from –6.2 to –3.7.”