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.
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