Industry News

New-home prices fall in July

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New-home sales jumped substantially higher from July 2004 to July 2005, but prices are down, the U.S. Census Bureau and Department of Housing and Urban Development reported today. Sales of new single-family houses in July 2005 were at a seasonally adjusted annual rate of 1.41 million, which is about 6.5 percent above the June rate and 27.7 percent above the July 2004 estimate, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. The seasonally adjusted annual rate is based on a monthly sales total that is projected over a 12-month period, and the rate is adjusted to account for seasonal fluctuations in sales. The median sales price of new houses sold in July 2005 was $203,800, which is about 7.7 percent below the median price in June and 4.2 percent below the July 2004 median price. The average sales price was $275,000, up about 1 percent since June but down 1.5 percent since July 2004. The seasonally adjusted estimate of new houses for sale ...