New Home Sales and Cancellations: Net vs Gross Sales
A Technical Note
Tomorrow (Tuesday), the Census Bureau will report new home sales for August. The consensus is for 500 thousand on a Seasonally Adjusted Annual rates (SAAR) basis, down from 511 thousand in July.
It is important to note that with the recent sharp increase in mortgage rates, homebuilders are seeing significantly more cancellations. Tracey Ryniec, Equity …