New Home Sales Solid in July, as June Numbers Strongly Revised UpwardAugust 27th, 2019 by Editor
July sales of newly built, single-family homes dipped 12.8% to a seasonally adjusted annual rate of 635,000 units after a large increase in the June reading, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Sales are up for the year at 4.1% higher than the same period in 2018.
“New home sales were sharply revised upward in June to a post-recession high annual rate of 728,000,” said the National Association of Home Builders (NAHB) chief economist Robert Dietz. “While we continue to see volatility in the monthly numbers, sales continue to trend in a slightly positive direction and are in line with our forecast.”
A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. The July reading is the number of homes that would sell if this pace continued for the next 12 months, with adjustment for seasonal effects.
Regionally, and on a year to date basis, new home sales are higher in the South (7.2%) and West (9.5%), but down in the Northeast (15.4%) and Midwest (12.4%).