Vero Beach new home sales fell for a second straight month in July, but a surge in the stock of properties on the market and a moderation in price increases should help to stimulate demand in the months ahead.
Other data released recently showed activity in the vast services sectors slowed again in August. The reports, however, did little to change views the economy is on a strong growth path, against the backdrop of relatively strong job growth and manufacturing activity.
Vero Beach New Home Sales Data Small Sample
The weak Vero Beach new home sales pace is at odds with other data that have suggested the housing market recovery is back on track. Vero Beach new home sales data, however, is volatile month-to-month because of being a small sample.
Data recently showed a jump in new home construction in July. Home resales also rose to a 10-month high in July.
In a separate report, financial data firm Markit said its preliminary services Purchasing Managers Index slipped to 58.5 this month from 60.8 in July.
A reading above 50 signals expansion in the services sector. Despite the slight cooling in activity, businesses were upbeat about prospects in the year ahead.
That fits in with expectations of sturdy economic growth in the second half of 2014 and through early next year.
A run-up in mortgage rates, as well as a shortage of homes on the market, weighed on housing in the second half of 2013. But housing inventory is picking up and home price appreciation is slowing.
To stay abreast of news as it affects Vero Beach new home sales, as well as Vero Beach real estate news, check out the Vero Beach Real Estate News section of articles to your right under Vero Beach Real Estate Categories.