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Tuesday, August 20, 2019 7:10:06 PM EDT

New Home Sales Updated 24-Jul-19 10:24AM ET

New home sales increased 7.0% m/m to a seasonally adjusted annual rate of 646,000 ( consensus 660,000) from a downwardly revised 604,000 (from 626,000) in May.

Sales for April and March were also revised lower.

New home sales for June by region: Northeast (-4.2%); Midwest (-26.3%); South (+0.3%); and West (+50.4%)

The median new home price was basically flat yr/yr at $310,400. The average sales price was down 0.4% to $368,600.

The inventory of new homes for sale fell to 6.3 months at the June sales pace from 6.7 months in May.

Homes priced at $399,999 or less accounted for 73% of new home sold, versus 71% in May and 70% a year ago.

The key takeaway from the report is that overall sales activity remains tepid despite the fundamental supports of low mortgage rates, low unemployment, and a tight supply of existing homes for sale.
Total Sales646K604K658K693K669K
Inventory (months)
Median Price Y/Y0.0%-4.2%7.3%-7.4%-2.0%