US New Residential Single-Family Home Sales Soar in July

On Friday, the US Census Bureau and 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 739,000, according to estimates. This is 10.6% above the revised June rate of 668,000 (originally 617,000) and 5.6% above the July 2023 estimate of 700,000.

The median sales price of new houses sold in July was $429,800. The average sales price was $514,800.

The seasonally adjusted estimate of new houses for sale at the end of the month was 462,000. This represents a supply of 7.5 months based on the current rate of sales.