Although the lift in New Home Sales is an optimistic sign, it may be only temporary. Builders managed to move some 870,000 homes during July (annualized), much better than was expected and a gain of some 24,000 over June. However, all those sales happened before the credit market seizure, so August sales will likely be jeopardized by the availability of financing for would-be borrowers. As noted last week, Housing Starts eased back during the month, and it appears that sales came out of existing inventory. The "months of supply" at the present rate of sale fell back to 7.5, just a little lower than June, while prices of those homes sold rose by 3.6% over those moved in June.
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