Following last week’s news that existing-home sales fell 5.9 percent last month, we’re now getting a better understanding of the cooldown happening in new home sales.
According to newly released numbers by the U.S. Census Bureau and HUD, new home sales fell 12.6 percent nationally between June and July of this year to a seasonally adjusted rate of 511,000. Compared to July 2021, the new home market was down 29.6 percent last month.
The decline means that new home sales have officially hit their lowest levels seen since before the pandemic, and are now at the slowest sales pace since 2016.
The report also noted that there are currently some 464,000 new homes for sale across the country. July’s median sales price for new homes was $439,400. The average sales price was $546,800.