New Home Sales Sink In July To SAAR Of 394k

Sales of new single-family houses in July 2013 were at a seasonally adjusted annual rate of 394k, the U.S. Census Bureau reports. This is a tremendous 13.4% decline from June’s revised reading of SAAR 455k. It is also the lowest rate of new home sales since October 2012.

New home sales were down, seasonally adjusted, in all 4 U.S. regions in July:

  • Northeast: SAAR of 33k from 35k last month.
  • Midwest: SAAR of 54k from 62k last month.
  • South: SAAR of 213k from 246k last month.
  • West: SAAR of 94k from 112k last month.

US New Home Sales July 2013 600x375 New Home Sales Sink In July To SAAR Of 394k

In June, new home sales growth was up 26.4% year over year. After July’s steep decline, new home sales are now up only 6.8% Y/Y.

US New Home Sales Change July 2013 600x375 New Home Sales Sink In July To SAAR Of 394k

The median sales price of new houses sold in July 2013 was $257,200, down slightly from $258,500 in June. The average sales price was $322,700, up considerably from $302,200 in June.

US New Home Sales Price JUly 2013 600x375 New Home Sales Sink In July To SAAR Of 394k

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

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