Monday, August 25, 2014

New Home Decline for Second Consecutive Month in July

New home sales declined in July to an annualized pace of 412,000 units. June’s headline index was revised up by 16,000. July’s pace was 2.4% below June’s. July’s report was 12.3% above year ago levels.

Three of the four regions annual pace declined. Only the South improved 8.1% in July. The Northeast saw two consecutive months of double digit declines. The West and Midwest declined 15.2% and 8.8% respectively.

Due to depressed sales in July, the supply of homes increased to 6.0 months, the highest value since October 2011.

The median price of a new home fell 4.8% to $269,900. However, the median price is now 3% above year ago levels.

Read the Census report.

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