US New Home Sales Unexpectedly Fall

Sales of new single-family houses in the United States shrank 1.7 percent from the previous month to a seasonally adjusted annual rate of 627 thousand in July of 2018, following a downwardly revised 2.4 percent drop in June. It is the lowest rate since October, worse than market expectations of 645 thousand. Sales fell in the Northeast and in the South.

Sales declined in the South (-3.3 percent to 355 thousand) and the Northeast (-52.3 percent to 21 thousand, the lowest since September of 2015) but rose in the West (10.9 percent to 173 thousand) and the Midwest (9.9 percent to 78 thousand). 

The median sales price of new houses sold was USD 328,700 above USD 322,900 in the same month of the previous year. The average sales price jumped to USD 394,300 in July from USD 372,400 a year earlier.

The stock of new houses for sale went up 2 percent to 309 thousand, the most since March of 2009. This represents a supply of 5.9 months at the current sales rate.

Year-on-year, new home sales increased 12.8 percent.

US New Home Sales Unexpectedly Fall

US Census Bureau | Joana Taborda |
8/23/2018 2:23:32 PM