Market Commentary and Intraday News

Australia New Home Sales Fall 5.3% In August

233 days ago

(RTTNews) - New home sales in Australia were down 5.3 percent on month in August, the Housing Industry Association said on Wednesday, hitting a 15-year low.

That follows the 5.6 percent monthly contraction in July.

Among the survey's individual components, the detached house market shed 5.8 percent and multi-unit sales fell 2.5 percent.

"New home sales for August are the latest in a string of soft new housing updates for this financial year, and that follows a very weak year for new home building in 2011-12," HIA chief economist Harley Dale said in a release accompanying the data.

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