Newly built, single-family home sales in July rose 10.6% to a 739,000 seasonally adjusted annual rate, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The pace of new home sales in July is up 5.6% from July 2023 and up 2.6% from the start of 2024.
“Despite the monthly bump in new home sales data, higher rates continue to sideline buyers as housing affordability challenges remain,” National Association of Home Builders Chairman Carl Harris said in a statement. “The only sustainable way to ease high housing costs is to implement policies that allow builders to construct more attainable, affordable housing.”
The median new home price was $429,800 in July, up 3.1% from June and down 1.4% from July 2023.
Read the full NAHB analysis here.
