Industry News

New single-family home sales fall in July

Median sales price drops for third straight month

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The rate of new single-family home sales fell about 4.3 percent from June to July and dropped about 21.6 percent from July 2005 to July 2006, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. The seasonally adjusted annual rate of new single-family home sales slipped to 1.07 million in July. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The July rate is about 4 percent lower than the average rate of single-family new-home sales for the first six months of the year. The seasonally adjusted estimate of new houses for sale at the end of July was 568,000. This represents a supply of 6.5 months at the current sales rate. A supply of six months is considered to be a rough equilibrium between a buyer's market and a seller's market, with a supply greater than six months indicating a buyer's market. The median sales price of new houses sold in July 2006 was $230,000 and the av...