Detached home sales continue to fall

From the HIA:

HIA’s New Home Sales Report – a monthly survey of the largest volume home builders in Australia – reveals a decline in the volume of sales at the start of the New Year.

In January 2017 total seasonally adjusted New Home Sales fell by 2.2 per cent. This result needs to be placed within the perspective of an increase in new home sales in both November (+6.1 per cent) and December (+0.2 per cent) last year. Total new home sales over the three months to January this year are actually still up by 0.3 per cent (due to ‘multiunits’) and are just 1.2 per cent lower when compared to the three months to January 2016. That’s a very strong outcome at the end of a record duration for a new housing upcycle.

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About the author

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.