New Residential Single-Family Home Sales Down Month-Over-Month and Year-Over-Year in July

On Tuesday (8-23-22), the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for July were at a seasonally adjusted annual rate (SAAR) of 511,000 units, according to estimates. This is 12.6% below the revised June rate of 585,000 and 29.6% below the July 2021 estimate of 726,000.

The median sales price of new houses sold in July was $439,400. The average sales price was $546,800.

The seasonally adjusted estimate of new houses for sale at the end of July was 464,000. This represents a 10.9-month supply based on the current rate of sales.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.