Year-Over-Year Still 4.3% Higher for New Residential Sales
The new residential sales report for July found new home sales in June were revised to a new expansion high of 728,000. Plainly, this is the largest gain for the volatile report since the Great Recession.
New home sales came in at a seasonally adjusted annual rate of 635,000 in July, or 12.8% (±16.2%) below June. The consensus forecast was looking for 645,000.
However, the new residential sales report is subject to frequent and often large revisions. The rate for June was initially reported at 646,000.
The rate for the month of July is still 4.3% (±14.0%) higher year-over-year, meaning above the July 2018 estimate of 609,000.
The median sales price for new home sold in July was $312,800 and the average sales price was $388,000.
For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new homes for sale for July was 337,000. At the current sales rate, this represents a supply of 6.4 months.