Residential Real Estate News
New Home Sales Drop a Record Breaking 12.4% in July, Prices Drop as Well
According to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), sales of new single-family houses in July 2010 were at a seasonally adjusted annual rate of 276,000.
This is 12.4 percent (±10.8%) below the revised June rate of 315,000 and is 32.4 percent (±8.7%) below the July 2009 estimate of 408,000.
The median sales price of new houses sold in July 2010 was $204,000; the average sales price was $235,300. The seasonally adjusted estimate of new houses for sale at the end of July was 210,000. This represents a supply of 9.1 months at the current sales rate.
This comes on the heels of yesterday's report from the National Association of Realtors dismal report of a record breaking 27% decline in for July 2010.
