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.
Here’s a regional breakdown:
Source: U.S. Census Bureau