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HomeNewsEconomyNew Home Sales in July Upstaged By Revision to Expansion High in June

New Home Sales in July Upstaged By Revision to Expansion High in June

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

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.

Sales Prices

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.

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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