What a shocker. New home sales down 8% in July after an 8.7% fall in June. The index of new home sales is now below the levels reached during the GFC. From the HIA:
New home sales suffered a sharp decline for a second consecutive month in July 2011 said the Housing Industry Association, the voice of Australia’s residential building industry.
The latest HIA – JELD-WEN New Home Sales Report, a survey of Australia’s major residential builders, showed that the number of new homes sold in July 2011 dropped by 8 per cent following a decline of 8.7 per cent in June.
Detached house sales fell by 9 per cent in the month of July 2011 while sales of multi-units increased by 1 per cent.
In July 2011 the HIA – JELD-WEN New Home Sales Report found that detached new house sales fell by 11.2 per cent in New South Wales, 7.8 per cent in Victoria, 8.5 per cent in Queensland, 1.5 per cent in South Australia, and 12.7 per cent in Western Australia.
Full release below:
