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.
New Home Sales Plunge to Record Low in July
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts