Australian new home sales dipped fractionally in July with the HIA reporting a decline of 0.4%. Despite the fall, the second in three months, sales remain high by historical standards. Multi-unit sales fell by 4.2%, overshadowing a 0.7% increase in detached home sales. As the chart above suggests, while high by historical standards, it appears that cyclical peak for new home sales occurred in April of this year. “New home sales are spending mid 2015 drifting along at a historically high level. It appears that the cyclical peak for total new home sales occurred in April, but the subsequent downward trend is very ... (full story)