New-home sales for single-family properties increased 1% in July to a 708,000 seasonally adjusted annual rate, according to the latest Commerce Department monthly report.
The data reflects an expected upward revision from June’s estimate. In addition to adjusting for seasonal impact, the July reading of 708,000 units is the number of homes that would sell if this pace continued for the next 12 months.
Market breakdown:
New-Home Sales:Â 708,000
For-Sale Inventory:Â 367,000
Months’ Supply:Â 6.2 months
Median Price:Â $390,500
What the industry is saying:
“New-home sales have leveled off this summer after a period of rising costs and strong demand.” — National Association of Home Builders Chairman Chuck Fowke
“While new-home sales are up 6.9% on a year-to-date basis, they are down 27% in July compared to the same time last year. Builders will need to watch local home prices relative to incomes, given recent gains in building materials and other construction costs.” — National Association of Home Builders Chief Economist Robert Dietz
