Now down for the second time in the last three months, July new home sales came in at a 652,000 unit rate, down 0.6% from June and down 8.2% from the 710,000 unit rate last July.
On the back of stronger apartment complex starts, new housing starts came in at a 1.428 million unit rate, up 5.2% from June and up 12.9% from the 1.265 million unit rate last July. The jump in July starts comes on the back of upwardly revised readings in both May and June.
Prices paid by consumers increased again in July, climbing 0.15% on an adjusted basis from June. Despite the increase, this was the smallest month-over-month growth since December. It’s the third consecutive month in which prices increased on a year-over-year basis, however, climbing 2.7% compared to last July. Excluding the volatile food and energy sectors, prices increased 0.19% from June and were up 3.06% from last July. The CORE-CPI saw prices increase the most for the shelter index, medical care, vehicle insurance, and household furniture. Prices for apparel, appliances, and nonprescription drugs, were down compared to last July.
After sliding the previous three months, July light vehicle sales came in at a 16.87 million unit rate, up 7.6% from June and up 6.0% from the 15.83 million unit rate last July.
