According to the joint release, sales of new single-family home in July were at a seasonally adjusted rate of 708,000, a 1% bump from the June rate of 701,000 but an overall 27.2% drop from July 2020.
The median sales prices of new houses in July was $390,500 and the average sales price was $446,000.
At the end of July, there were 367,000 houses for sale, representing a supply of 6.2 months at the current sales rate.
To see the full report, click here.
Economists Weigh In
Upon the release of July’s new home sales, the nation’s top economic minds weighed in on what this study means for the market and home builders:
“Builders will need to watch local home prices relative to incomes, given recent gains in building materials and other construction costs.” - Robert Dietz, chief economist, National Association of Home Builders
"While demand for new homes remains strong, high prices and backlogs in construction will temper sales in the months ahead. Homebuilders are reportedly turning away buyers as they attempt to reduce the backlog of sales." - Nancy Vanden Houten, lead economist, Oxford Economics
“The pandemic has accelerated the migration to suburban markets and metro areas in lower-cost states such as Arizona, Utah, Texas and Florida. By contrast, new home sales weakened in areas where population growth has slowed, in part due to an outflow of residents seeking more affordable real estate, lower taxes and other lifestyle advantages." - Mark Vitner, senior economist, Wells Fargo