New home sales in July were at a seasonally adjusted annual rate of 739,000, an increase of 10.6% compared with June and up 5.6% compared with July 2023, according to estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The median sales price for a new home sold in July was $429,800. The average sales price was $514,800.
As of the end of the month, there were about 462,000 new homes available for sale in the U.S. – about a 7.5-month supply at the current sales rate.
Yesterday the National Association of Realtors reported that existing-home sales grew 1.3% in July compared with June to a seasonally adjusted annual rate of 3.95 million. The increase followed four consecutive months of decreases.
Photo: Todd Kent