Realtor.com reports that at the current sales rate, there were 6.1 months of new homes on the market at the end of August. This is the highest this figure has been since July 2014.
This comes despite a 3.4 percent drop in new home sales from July to August, according to the Commerce Department. The 560,000 in August new homes sales was about 30,000 short of expectations.
The big picture, however, says something different: New-home sales were up 7.5 percent in the first eight months of 2017 when compared with a year earlier.
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