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.
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/.