In July, new homes sold at a seasonally adjusted rate of 298,000, only 0.7% down from a revised rate of 300,000 in June, according to the Census Bureau. However, it was below the 310,000 rate which had been predicted by a panel of housing analysts.
Year-over-year, the numbers were better though. This 298,000 was 6.8% better than the July 2010 total of 279,000. For several years, the number has been bouncing around 300,000, reflecting a drought of buyers who are concerned with jobs, the economy and falling home prices. Other numbers:
- The median price of a new home sold in July was $222,000, down 5.5% from June, but up 8.8% compared to July 2010.
- New homes for sale inventory was at 165,000 homes, which is a 6.6 month inventory at the current rate of sales.
While there has been a spike in mortgage applications in recent months, it’s mostly for refinancing to take advantage of four-decade lows in interest rates. It’s not just builders who want to see an improvement in new home sales, as they are a major contributor to the economy.
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