New Home Sales Plunge to Record Low in July
Analysts’ estimates for July homes sales aren’t even close. New homes sales figures out today from the Commerce Department show a seasonally adjusted rate of 276,000, representing an all-time low and well below street estimates of 339,000, according to a MarketWatch survey. Analysts in a Reuters survey predicted July home sales would remain flat with the original June number of 333,000. But the July figure is down 12.4% from the revised June rate of 315,000 sales and 32.4% lower than the year ago, according to the Commerce Department. The median sales price of new homes sold during the month was $204,000 and the average price was $235,300. The department estimates 210,000 houses were for sale at the end of July for a supply of 9.1 months. On Tuesday, the National Association of Realtors reported a decline of 27.2% in existing home sales for the month to 3.83 million units -- the lowest point in more than a decade. The consensus street estimate was calling for a decrease of 12% for the month to a rate of 4.7 million units. Write to Jason Philyaw.