Nationally, New Home Sales Slide 2.4 Percent in July
But rise 8.1 percent in the South.
Sales of new single-family houses dipped month-over-month in July 2014 from June to a seasonally adjusted annual rate of 412,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. Earlier estimates had pegged the rate to come in between 415,000 and 455,000.
This is 2.4 percent (±11.9%)* below the revised June rate of 422,000, but is 12.3 percent (±17.1%)* above the July 2013 estimate of 367,000.
Adding to the confusion, new home sales jumped in the South but slipped significantly in other regions.
By region, new home sales in July were:
- Up 8.1 percent in the South
- Down 30.8% in the Northeast
- Down 8.8% in the Midwest
- Down 15.2% in the West
Year-over-year, the South showed a positive change (33.2%), while the Northeast was down 43.8%, the West down 3.3%, and the Midwest 1.9%.
However, builders are optimistic, as shown by strong permit numbers for the month. Privately-owned housing permits rose 8.1 percent for the month and starts rose 15.7 percent.
Home resales also rose to a 10-month high in July.
The median sales price of new houses sold in July 2014 was $269,800; the average sales price was $339,100.
The seasonally adjusted estimate of new houses for sale at the end of July was 205,000. This represents a supply of 6.0 months at the current sales rate.
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