A monthly report on new home sales in Australia revealed a continuation of July’s dismal housing figures from the Outback economy. The Housing Industry Association (HIA) published this month’s reading with no expectations priced in, as is typical, and underscored the bearish 8% contraction in new home sales.
The report measures the monthly change in sales of only those homes recently constructed, not those already existing. The demand for newly built houses has declined in Australia consistently since May of this year, when it only experienced 0.2% growth. The Aussie has been falling under heavy pressure lately and this housing data will likely continue to push it further bearish.
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