Sales of new single-family homes surged in July as a dip in mortgage rates benefited builders.  

Specifically, July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Year over year, sales were up 5.6% from 700,000. 

July’s figure blew past the consensus estimate of 624,000, First American Financial Deputy Chief Economist Odeta Kushi noted. 

“The housing market’s bright spot — the new home market — continues to shine, outperforming the existing-home market,” Kushi said in a release. “July new-home sales increased to the highest level since May 2023, while existing-home sales have struggled to gain momentum, remaining near a more than 13-year low.” 

The median price of a new home sold during the month rose to $429,800, compared to $416,700 in June. Year over year, the median price was down from $435,800 in July 2023.     

By region, the pace of new-home sales was up across the board, led by the West, where sales rose 33.8% month over month, and followed by gains of 9.9% in the Midwest, 6.9% in the Northeast and 2.9% in the South.  

Months’ supply of new homes for sale fell 10.7% from 8.4 months in June to 7.5 months in July. Year over year, months’ supply was up 2.7% from 7.3 months. 

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New single-family home sales rose 1.1% month over month in February to an annual rate of 640,000 homes, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.   

Meanwhile, the median price of a new home sold during the month jumped to $438,200 from $426,500 in January and $427,400 in February 2022.        

Year over year, the pace of newly built home sales in February was down 19% from the year-ago rate of 790,000.        

“New-home sales have picked up in recent months alongside lower rates and as builders continue to offer incentives,” First American Deputy Chief Economist Odeta Kushi said. “However, mortgage rates ticked up at the end of February, which may imply some weakness in upcoming home sales data. Nevertheless, when existing homes for sale are nearly non-existent, a new home at the right price may be an attractive option for potential home buyers.” 

By region, the pace of new-home sales was mixed, with monthly declines of 40% and 1.4% in the Northeast and Midwest, respectively, and increases of 3% and 8.1% in the South and West, respectively.    

Months’ supply of homes for sale fell 1.2% to 8.2 months from 8.3 months in January; on a year-over-year basis, inventory was up 36.7% from a 6-month supply in January 2022.   

New single-family home sales increased for the second month in a row in November, rising 5.8% month over month to an annual rate of 640,000, while the median price of a new home sold during the month fell from an all-time high set in October, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.     

Year over year, the pace of newly built home sales in November was down 15.3% from the year-ago rate of 756,000.     

“November can traditionally be a time of slower sales due to the beginning of the holiday season, so it is promising that this year we are seeing sales activity increase,” RCLCO Real Estate Consulting principal Kelly Mangold said. “The combination of high mortgage rates and economic uncertainty is still causing some hesitation among buyers, but an increase in sales is a positive indicator.” 

The median sales price of a new house sold last month slid 2.8% to $471,200 from $484,700 in October; it was up 9.5% from the year-ago price of $430,300.     

First American Deputy Chief Economist Odeta Kushi cautioned that the market for new homes remains uncertain. 

“Builder sentiment and permit data indicate ongoing weakness in the new-home market,” she said. “With higher mortgage rates and greater economic uncertainty, new-home prices will need to continue to adjust to entice more buyers.” 

By region, the pace of new-construction home sales was mixed, with monthly gains of 27.6% and 21.3% in the West and Midwest, respectively, and declines of 8.5% and 2.1% in the Northeast and South, respectively. 

Months’ supply of homes for sale fell to 8.6 months from 9.3 months in October; in November 2021, there was a 6.2 months’ supply of homes. 

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