New home sales dropped in July, plummeting to 394,000 completed transactions, according to government data.

When evaluating single-family homes specifically, sales declined 13.4% in July, below the revised July rate of 455,000 units, the Census Bureau and the Department of Housing and Urban Development noted in a report released Friday.

However, this is still 6.8% above the July 2012 estimate of 369,000 units.

The median sale price of new homes sold in July reached $257,200, up from $249,700 in June. July’s average price was $322,700.

However, housing experts say it is too early to panic over the steep drop.

Most Popular Articles

Regulators drop the hammer on Wells Fargo execs at the center of fake account scandal

Wells Fargo indicated just over a week ago that the fallout from its fake account scandal was far from over, disclosing that it has at least $3.1 billion set aside for expected litigation payouts. But that is at the company level. Meanwhile, the fallout for the executives who failed to prevent the fake account scandal looks to be far from over as well.

Jan 23, 2020 By

Latest Articles

RealPage continues growing, set to acquire Modern Message

Real estate tech company RealPage announced recently that it will be acquiring multifamily real estate engagement solution Modern Message.

Jan 24, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please