August 2023 Residential Sales
Figure 1 contains the standard measures - sales, units for sale, and months of supply. Sales dropped a bit this month, but within the normal amount of noise for these measures.
As we can see in Figure 2, sales continue to happen late in the building cycle. Sales of unstarted units are relatively low while sales of finished units are higher than they have been in recent years.
As figure 3 shows, the number of finished units for sale remains relatively low. So, many units aren’t selling until late in the construction process, but when they get to that stage, they are selling quickly.
The rest is below the fold.