New Home Sales Solid in July, as June Numbers Strongly Revised Upward

Window + Door
August 23, 2019

Sales of newly built, single-family homes fell 12.8 percent to a seasonally adjusted annual rate of 635,000 units in July off a strongly revised upward reading in June, according to data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. On a year-to-date basis, new home sales for 2019 are 4.1 percent higher than the same period in 2018.

"Builder confidence continues to trend upward as lower interest rates provide for more favorable buying conditions," says Greg Ugalde, chairman of the National Association of Home Builders.

"New home sales were sharply revised upward in June to a post-recession high annual rate of 728,000," says Robert Dietz, NAHB chief economist. "While we continue to see volatility in the monthly numbers, sales continue to trend in a slightly positive direction and are in line with our forecast."

The inventory of new homes for sale was 337,000 in July, representing a 6.4 months' supply. The median sales price was $312,800. The median price of a new home sale a year earlier was $327,500.