New home sales disappointed in July, coming in at a seasonally adjusted annual rate of 412,000, which is 2.4% below the revised but still paltry June rate of 422,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
Notably, though, this is 12.3% above the July 2013 rate of 367,000, which is when the housing slowdown kicked in after mortgage rates started rising.
The median sales price of new houses sold in July 2014 was $269,800; the average sales price was $339,100.
The seasonally adjusted estimate of new houses for sale at the end of July was 205,000. This represents a supply of six months at the current sales rate.
New home sales came in at a paltry annual rate of 422,000 in June while the May reading, which was initially heralded as extraordinarily strong, was revised 62,000 lower to 442,000.
June's drop was the biggest percent decline in almost a year.
This July's performance was well below analyst expectations.