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.
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