Briefing.com: New Home Sales

Updated: 24-Jul-24 10:18 ET

June New Home Sales

Updated: 24-Jul-24 10:18 ET

Highlights

New home sales declined 0.6% month-over-month in June to a seasonally adjusted annual rate of 617,000 units (Briefing.com consensus 640,000) from an upwardly revised 621,000 (from 619,000) in May.
On a year-over-year basis, new home sales were down 7.4%.

Key Factors

The median sales price was roughly flat yr/yr to $417,300 while the average sales price decreased 4.1% to $487,200.
New home sales month-over-month/year-over-year by region: Northeast (-7.7%; -63.6%); Midwest (-6.9%; +32.8%); South (+0.3%; -12.2%); and West (+1.4%%; +2.8%).
At the current sales pace, the supply of new homes for sale stood at 9.3 months, versus 9.1 months in May and 7.7 months in June 2023.
The percentage of new homes sold for $399,999 or less accounted for 46% of new homes sold versus 50% in May and 45% one year ago. Homes priced between $400,000 and $799,999 accounted for 46% of new homes sold versus 41% in May. New homes priced at $800,000 or over accounted for 9% of sales in June versus 9% in May.

Big Picture

The key takeaway from the report is that new home sales activity remained soft in June, pressured by a lack of lower-priced homes and affordability pressures stemming from the persistence of high mortgage rates and higher selling prices.