New Home Sales Lower Than Expected

Data released by the U.S. Commerce Department and the U.S. Department of Housing and Urban Development on August 24 further confirmed what is already obvious: The most recent U.S. housing boom is over.

Sales of new one-family houses in July were at a seasonally adjusted annual rate of 1.072 million, 4.3% below the revised June rate of 1.12 million units and notably below the 1.1 million rate economists generally expected for July.

The average sales price of new homes sold in July was $293,500. At the end of July, some 568,000 homes were for sale, a 6.5-month supply at the current sales rate.

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