New Home Sales Fell to Seven-Month Low in July

New single-family home sales declined to a seasonally adjusted annual rate of 571,000 in July, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The July level was 9.4% below the upwardly revised June rate of 630,000 and 8.9% below the July 2016 estimate. July’s sales were the weakest figure since December.

Sales grew 6.2% in Midwest but fell in each of the other regions. The Northeast, South and West posted losses of 23.8%, 4.1% and 21.3%, respectively.

The median price of a new home was $313,700, up 0.7% from June. The average price was $371,200.

At the end of July, the estimated supply at the current sales grew to 5.8 months.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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