New home sales increased in July

New single‐family home sales increased to a seasonally adjusted annual rate of 714,000 in July, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The July reading was 4.4% above the revised June rate of 684,000 and is 31.5% above the July 2022 estimate of 543,000.

The growth in new home sales was driven by increases in the Midwest and West, which increased 47.4% and 21.5% for the month, respectively. Meanwhile, sales decreased in the South (-6.3%) and in the Northeast (-2.9%).

The median sales prices of new houses hold in July was $436,700, up 4.8% from June. The average sales price was $513,000, up 1.1% for the month.

At the end of July, the seasonally adjusted estimated supply of new houses for sale at the current sales rate decreased from 7.5 months to 7.3 months.

Read the Census/HUD release.