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New York

U.S. new home sales fall in July

Annualized rate sinks to 412,000, lower than expected

U.S. home sales
U.S. home sales

The pace of new home sales fell 2.4% to an annualized rate of 412,000 units in July. Economists were expecting a pace of 429,000 units.

June’s report, however, was revised up to 422,000 from an earlier estimate of 406,000. The median sales price was $269,800, and the average price was $339,100. According to the Census, there is a 6.0 month supply of homes available for sale, up from 5.6 months in June.

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Here’s a regional breakdown:

Source: U.S. Census Bureau

Source: U.S. Census Bureau

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Home SalesHousing Market