A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, outside of Washington, October 20, 2014. (Photo: Reuters)
New home sales for single-family houses were at a seasonally adjusted annual rate of 627,000 in July 2018. This is 1.7% (±14.7%)* below the revised June rate of 638,000, but is 12.8% (±15.7 percent)* above the July 2017 estimate of 556,000.
While the report — released jointly on Thursday by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) — missed expectations, it is still a positive report and solid number for the month and 12-month.
The median sales price of new houses sold in July 2018 was $328,700. The average sales price was $394,300. The seasonally-adjusted estimate of new houses for sale at the end of July was 309,000. This represents a supply of 5.9 months at the current sales rate.
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