The new home sales numbers, released by RealNet late last week, were the lowest Q3 numbers in the last 13 years. Considering the low sales numbers RealNet released for August and September, it’s not a surprise that the Q3 totals were in the doldrums.
RealNet also provided a break down of new high-rise and low-rise sales totals:
- 3,165 new high-rise sales; down 50 per cent from Q3 2011; down 20 per cent from Q3 2010
- 2,574 new low-rise sales; down 44 per cent from Q3 2011; down 15 per cent from Q3 2010
RealNet’s Year-To-Date sales numbers (January to September) were more encouraging:
- 26,392 total new home sales; down 23 per cent from YTD 2011; no change from YTD 2010
- 14,569 new high-rise sales; down 30 per cent from YTD 2011; up 3 per cent from YTD 2010
- 11,823 new low-rise sales; down 13 per cent from YTD 2011; down 4 per cent from YTD 2010
The Q3 numbers are admittedly weak, but the summer months are always slow for new home sales. With huge turnouts for a number of high profile October events, we’re guessing the fourth quarter totals will be looking healthier.
Below is a chart that RealNet included in a story posted on their Informed Advantage blog. It helps put the figures in perspective: