Summary:
- New home sales for July reached an annual pace of 714,000, showing a 4.4 percent increase from the previous month.
- Median sales price of new houses in July was $436,700, with an average price of $513,000, highlighting sustained demand.
- Supply of new houses for sale at the end of July, when seasonally adjusted, was valued at $437,000, equivalent to a 7.3-month supply.
- The reported figures are 4.4 percent higher than June 2023 and 31.5 percent higher than July 2022 in terms of homes sold.
New home sales data has just been released, surpassing expectations with an annual pace of 714,000 sales in July. This marks a 4.4 percent increase from the previous month, reflecting a strong desire to boost new home sales in contrast to the sluggish turnover observed in the existing home market.
The median sales price for new houses sold in July was reported as $436,700, with an average price of $513,000. This pricing trend underscores the continued demand for new homes. Additionally, the seasonally adjusted estimate for new houses available for sale at the end of July was approximately $437,000, corresponding to a 7.3-month supply at the current sales rate. These figures indicate a 4.4 percent rise from the revised June sales rate of 684,000 homes and a substantial 31.5 percent increase from the July 2022 estimate of 543,000 homes sold.
As the housing market navigates the challenges of low inventory in the existing home segment, the surge in new home sales provides a positive indicator of the industry's resilience. The market's ability to adapt to changing conditions will play a crucial role in shaping future trends.