US New-Home Prices Fall to $393,800 5-Year Low as July Sales Drop 10.5%
Updated
Updated · Realtor.com News · Aug 25
US New-Home Prices Fall to $393,800 5-Year Low as July Sales Drop 10.5%
3 articles · Updated · Realtor.com News · Aug 25
Summary
$393,800 was the median price of a newly built U.S. home in July, down 2.3% from June and the lowest since July 2021.
607,000 was the annualized sales pace, down 10.5% on the month and 6.3% from a year earlier, showing that price cuts and builder incentives still failed to revive demand.
488,000 new homes were on the market at month-end, equal to 9.6 months of supply, while single-family housing starts fell 9.9% from June and 15.7% year over year.
6.6%-plus mortgage rates, affordability strains and builder cost pressures from tariffs, labor shortages and inflation are squeezing the market, even as new homes now sell below the $434,100 median existing-home price.