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.
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.
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.
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.