US July new home sales 0.708m vs 0.690m expected

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US new home sales data

US new home sales data
  • Prior was 0.676m (revised to 0.701m)
  • Sales +1.0% vs -2.7% expected
  • Prior was -6.6%
  • Supply 6.2 months vs 6.0 prior
  • Median price $380,500 vs $329,800 a year ago (*+18.4%)

There has been a sharp turnaround in sales in the past few months but that doesn’t tell the whole story. Home builders are planning to build as much as ever but because of materials prices uncertainty, they’re waiting until later in the building process to sell the homes. Inventories remain very tight and prices are high.

Regionally, the northeast and midwest continue to drag down the national numbers with sales year-over-year sales down 24% and 20%, respectively. The south is up 1.3% and west up 14.4%.

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