New-Home Sales Down 2.4% in July

New-Home-Sales-Regional-BreakdownSales of newly built, single-family homes fell 2.4% to a seasonally adjusted annual rate of 412,000 units in July, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Sales numbers for June were revised up 16,000 to 422,000.

“We are somewhat surprised by this dip, considering builder confidence and home starts are on the rise,” said Kevin Kelly, NAHB chairman. “However, builders are increasing their level of inventory in anticipation that sales will gradually improve during the rest of the year.”

Regionally, new-home sales fell 30.8% in the Northeast, 8.8% in the Midwest and 15.2% in the West. Sales were up 8.1% in the South, the country’s largest region.

For further analysis, please visit the Eye on Housing blog.

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