The sales rate of newly built single-family homes rose 9.6 percent from June to July but fell 13.4 percent from a year ago, the U.S. Census Bureau reports.

At the regional level, sales picked up an estimated 32.4 percent from June to July in the Northeast, 16.2 percent in the South, and 1 percent in the West. New-home sales dropped 7.6 percent from June in the Midwest.

The 433,000 new homes sold represented the third-lowest sales figure for July in records dating to 1963, according to the blog Calculated Risk.

Nevertheless, the slow pace of new-home construction means that the inventory of new homes continues to shrink.

At the pace of sales in July, the estimated 271,000 new homes on the market represented 7.5 months of supply, down from 8.5 months in June and 12.4 months in January, the Census Bureau said. A six-month supply of homes is generally considered to represent an even balance between supply and demand.

The median sales price of a new home in July was $210,100, down 11 percent from a year ago.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're giving away 3 free ICLV tickets at Connect Now next week. Register and attend live for your chance to win!REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription