Total seasonally adjusted new home sales went sideways in the latest update, for September 2014. The flat result follows a modest increase (of 3.3 per cent) in August and a reasonably significant drop (of 5.7 per cent) in July.
As we noted in the August report, a downward trend is in place for new home sales. This downward trend is clearly evident for detached house sales. On the other hand, multi-units sales have gained a second wind since June this year.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
