Connect With PPD
Follow Us:
Economy

New Home Sales in July Upstaged By Revision to Expansion High in June

Year-Over-Year Still 4.3% Higher for New Residential Sales

The new residential sales report for July found new home sales in June were revised to a new expansion high of 728,000. Plainly, this is the largest gain for the volatile report since the Great Recession.

New home sales came in at a seasonally adjusted annual rate of 635,000 in July, or 12.8% (±16.2%) below June. The consensus forecast was looking for 645,000.

However, the new residential sales report is subject to frequent and often large revisions. The rate for June was initially reported at 646,000.

The rate for the month of July is still 4.3% (±14.0%) higher year-over-year, meaning above the July 2018 estimate of 609,000.

Sales Prices

The median sales price for new home sold in July was $312,800 and the average sales price was $388,000.

For Sale Inventory and Months’ Supply

The seasonally‐adjusted estimate of new homes for sale for July was 337,000. At the current sales rate, this represents a supply of 6.4 months.

READ FULL STORY

SubscribeSign In
PPD Business Staff

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.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.