New Home Sales Rise 4.39 Percent in July

Census Department Numbers

New Home Sales: Sales of new single‐family houses in July 2023 were at a seasonally adjusted annual rate of 714,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.4 percent (±12.8 percent) above the revised June rate of 684,000 and is 31.5 percent (±16.3 percent) above the July 2022 estimate of 543,000.

Sales Price: The median sales price of new houses sold in July 2023 was $436,700. The average sales price was $513,000.

For Sale Inventory and Months’ Supply: The seasonally‐adjusted estimate of new houses for sale at the end of July was 437,000. This represents a supply of 7.3 months at the current sales rate.

New home sales are below where they were in 1972.

New Homes For Sale By Stage of Construction - The Census Bureau reports 437,000 homes are “For Sale”. From that, the bureau measures “months’ supply”. But of those 437,000 homes for sale, only 75,000 have been completed. Builder to prospect: “See this vacant lot? We call this a home for sale.”