Widget Image
Follow PPD Social Media
Thursday, November 7, 2024
HomeNewsEconomyNew Home Sales Miss the Mark in July Census Bureau Report

New Home Sales Miss the Mark in July Census Bureau Report

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. (Photo: Reuters)
A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)

The U.S. Census Bureau said Wednesday that new home sales came in at a seasonally adjusted annual rate of 571,000 for July, missing the consensus forecast of 610,000. The median sales price for new houses sold in July 2017 came in at $313,700, while the average sales price was $371,200.

Regarding inventory, the seasonally-adjusted estimate of new houses for sale at the end of July was 276,000. At this level, it would take roughly 5.8 months to deplete inventories at the current sales rate.

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial