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South is a bright spot in July new home sales

Sales of new single-family homes faltered again in July, data from the U.S. Census Bureau reveal. Sales of new homes in July fell 2.4 percent from June to a seasonally adjusted level of 412,000 from the previous month’s revised rate of 422,000.

It was the second month in a row that new single-family home sales had fallen. In May, data showed sales figures of 442,000, but in both June and July sales fell by 20,000 from the previous month.

However, the July sales figures did show improvement from the previous year, rising 12.3 percent from July 2013’s 367,000 volume of sales.

The Census Bureau reported a median sale price of $269,800 and an average sale price of $339,100.  Last month, the median sale price was $280,100 and average sale price was $332,100. The inventory of homes rose in July from the previous month with the bureau reporting a six-month supply of homes for sale.

The South was the only region in the nation to post gains in new home sales in July, to 253,000 from 234,000 the month before, an 8.1 percent increase. Every other region showed a decline in sales from the previous month.

 

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