New Home Sales increase to 714,000 Annual Rate in July; Median New Home Price is Down 12% from the Peak

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales increase to 714,000 Annual Rate in July

Brief excerpt: The Census Bureau reports New Home Sales in July were at a seasonally adjusted annual rate (SAAR) of 714 thousand. The previous three months were revised down, combined.
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The next graph shows new home sales for 2022 and 2023 by month (Seasonally Adjusted Annual Rate). Sales in July 2023 were up 31.5% from July 2022. Year-to-date sales are up 0.4% compared to the same period in 2022.

As expected, new home sales were up solidly year-over-year in July, and it is fairly certain there will be more sales in 2023 than in 2022 – although 7%+ mortgage rates will likely slow sales.You can subscribe at https://calculatedrisk.substack.com/.