New Single-Family Home Sales Drop in July
August 24, 2018
New single-family home sales fell during the month of July with contracts falling by 1.7% from June, according to a recent update from the National Association of Home Builders (NAHB). The annual rate comes to 627,000.
This dip in contracts derives from an adjusted measurement in June, which went from 631,000 to a new estimate of 638,000. July’s reading is the lowest annual pace since August 2017, indicating homebuyers may be more concerned about affordability in the housing market.
But even with a low estimate for July, total sales for the first half of 2018 were 7.2% higher than the total number of sales for all of 2017, from 374,000 to 401,000. The number of single-family homes for sale also increased in July, totaling about 309,000.
NAHB noted the trade wars may be concerning homebuyers and builders, rushing buyers to the market and builders to order supplies before it may be too expensive to do so. The median price for a house in July was $328,700, something that may be more difficult to keep down as trade wars inevitably continue.
—Christie Citranglo, editorial associate