The Census Bureau reports the new home sales in August:

Sales of new single-family houses in August 2012 were at a seasonally adjusted annual rate of 373,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.3 percent (±9.3%)* below the revised July rate of 374,000, but is 27.7 percent (±18.8%) above the August 2011 estimate of 292,000.

Sales may have a sizable increase Y/Y, but we simply aren’t seeing large enough gains to provide any indication that housing is leading the way to saving the economy yet.

US New Home Sales 650x433 New Home Sales Going Nowhere

 

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