Census Bureau: New Home Sales Dropped 13.4% In July

U.S. sales of new single-family homes dropped by 13.4% in July compared to June, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.

About 394,000 new homes were sold in July, down significantly from the 455,000 sold in June.

July new home sales were nevertheless up 6.8% compared to July 2012, when an estimated 369,000 new homes were sold.

The median sales price of new houses sold in July was $257,200. The average sales price was $322,700.

The seasonally adjusted estimate of new houses for sale at the end of July was 171,000. This represents a supply of 5.2 months at the current sales rate.

New home sales were down in every region: In the Northeast, sales were down 5.7%; in the Midwest, they were down 12.9%; in the South they were down 13.4%; and in the West, they were down 16.1%.

The revision of June sales was significant, as the number had originally been reported at 497,000 units.

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