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23

U.S. New-Home Sales Dropped in July After Solid First-Half Run

By Tony Seruga

A decline in U.S. purchases of new homes in July may be a sign the industry took a breather following an even stronger run of sales than previously reported, according to government data Wednesday.

HIGHLIGHTS OF NEW HOME SALES (JULY)
Single-family home sales fell 9.4% m/m to 571k annualized pace (est. 610k), lowest in 2017, after 630k rate (revised from 610k) Combined upward revisions to April-June figures were 46,000 Median sales price increased 6.3% y/y to $313,700

Key Takeaways

The slowdown as the second half got under way may reflect lack of affordability and low inventory, which have been constraints, especially for younger, first-time buyers who find it harder to get housing-related credit…

U.S. New-Home Sales Dropped in July After Solid First-Half Run

Categories : Real Estate

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