US new home sales drop in August from July

26 September 2012 18:05  [Source: ICIS news]

HOUSTON (ICIS)--US new home sales in August dropped by 0.3% from July despite the previous month’s 3.6% increase from June, the US Census Bureau said on Wednesday.

August’s sales of new single-family houses were at a seasonally adjusted annual rate of 373,000, down from July’s revised rate of 374,000, bureau statistics said. However, August sales are still 27.7% above last year’s estimate of 292,000.

The seasonally adjusted estimate of new houses for sale at the end of August was 141,000, representing a supply of 4.6 months at the current sales rate.

The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 (€11,550) worth of chemicals and derivatives used in the structure or in production of component materials.

($1 = €0.77)

By: Tracy Dang
+1 713 525 2653

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