New home sales slide 9.4 percent in July
Low inventories are putting the brakes on sales.
Tightening inventories of new homes on the market are catching up to the residential industry. Nationally, new home builders are not keeping up with demand due to shortages of labor and building lots and a still-tight lending market.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for July 2017:
New Home Sales
Sales of new single-family houses in July 2017 were at a seasonally adjusted annual rate of 571,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 9.4 percent (±12.9 percent)* below the revised June rate of 630,000 and is 8.9 percent (±15.4 percent)* below the July 2016 estimate of 627,000.
Sales Price
The median sales price of new houses sold in July 2017 was $313,700. The average sales price was $371,200.
For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of July was 276,000. This represents a supply of 5.8 months at the current sales rate.
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