U.S. New Home Sales Pace in July

The seasonally adjusted annual pace of new single-family home sales in the U.S. slipped to 412,000 in July, down 2.4 percent from an upwardly revised pace of 422,000 in June but 12.3 percent above the pace as measured at the end of July last year.

At the same time, the inventory of new single-family homes for sale in the U.S. is currently running 19.9 percent higher on a year-over-year basis with the greatest number of new homes on the market (205,000) since 2010 and the most months of supply (6.0) since 2011.

The pace of new single-family home sales as measured in July has averaged 657,000 over the past 50 years and peaked at 1,389,000 in 2005.  The inventory of new homes on the market at the end of July has averaged 314,000 and 6.1 months of supply since 1963, peaking at 572,000 in 2006 with 7.2 months of supply at the time.

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