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Economic news
23.08.2024

U.S. new home sales climb 10.6 per cent in July

The U.S. Commerce Department reported on Friday that the sales of new single-family homes surged 10.6 per cent m-o-m to a seasonally adjusted annual rate of 739,000 units in July. This marked the biggest increase since August 2022 and represented the highest reading since May 2023 (741,000).

Economists had foreseen a sales pace of 630,000 last month.

The June sales pace was revised up to 668,000 units from the originally reported 617,000 units.

According to the report, new home sales in the South, the largest area, increased by 2.9 per cent m-o-m in July to 425,000. In addition, new home sales in the West jumped by 33.8 per cent m-o-m to 194,000, in the Midwest climbed by 9.9 per cent m-o-m to 89,000 and in the Northeast leapt by 6.9 per cent m-o-m to 31,000.

Compared to July 2023, new home sales soared 5.6 per cent.

The report also revealed that the median sales price fell by 1.4 per cent y-o-y to $429,800 in July, while the average sales price soared by 1.4 per cent y-o-y to $514,800.

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