New Home Sales Fell 1.7 percent in July

New single-family home sales decreased to a seasonally adjusted annual rate of 627,000 in July, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The July level was 1.7 percent below the revised June rate of 638,000 but 12.8 percent above the July 2017 estimate.

Sales decreased 52.3 percent in the Northeast and 3.3 percent in the South, while the Midwest and West posed increases, rising 9.9 and 10.9 percent, respectively.

The median price of a new home was $328,700, up 8.8 percent from June. The average price was $394,300.

At the end of July, the seasonally adjusted estimated supply at the current sales rate increased from 5.7 months to 5.9.

Read the Census/HUD release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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