July’s National Sales of Newly Constructed Homes Jump by More Than 10 Percent

Sales of new single-family houses throughout the United States increased by 10.6 percent in July, according to the latest report by the U.S. Census Bureau and the Department of Housing and Urban Development. These newly constructed homes were at a seasonally adjusted annual rate of 739,000, exceeding the July 2023 estimate of 700,000. The seasonally adjusted estimate of new houses for sale at the end of July was 462,000, representing a supply of 7.5 months. The report indicates that the median price of new houses sold nationwide in July 2024 was $429,800, while the average stood at $514,800. “Despite the monthly bump in new home sales data, higher rates continue to sideline buyers as housing affordability challenges remain,” said Carl Harris, chair of the National Association of Home Builders (NAHB). “The only sustainable way to ease high housing costs is to implement policies that allow builders to construct more attainable, affordable housing.”...