by Robert Denk
Today’s release of August new home sales reflected the same depressed housing market visible in the starts data last week. Newly constructed homes were sold at a seasonally adjusted annual rate of 295 thousand. This isn’t a record low, but adds to the pattern of bouncing along the bottom we’ve seen since the expiration of the homebuyer tax credit. Meanwhile the inventory of new homes for sale dipped to a new record low of 162 thousand units.