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U.S. saw a 12.6% decline in new single-family homes sales in July due to high mortgage and construction rates
Posted on August 29, 2022 |
- In July, the sales of newly built, single-family homes fell by 12.6%% to a 511,000 seasonally adjusted annual rate, and compared to 2021 new home sales are down 29.6%.
- The high mortgage rates and construction costs are driving consumers out of the market, especially entry-level buyers, indicating the recession.
- New single-family home inventory is at a high of 10.9 months’ supply, which is an increase of 81.7% over last year, with 464,000 available for sale.
- However, only 45,000 of the new home inventory is completed and ready to occupy, and the remaining have not started construction.
- In July, the average sales price grew by 5.9% to $439,400 compared to June and 8.2% compared to a year ago.
- The new home sales fell in the Northeast fell by 14.9%, in Midwest by 26.5%, in the South by 13.4%, and by 15.7% in the West.
Image: American Society of Home Inspectors