New home sales unexpectedly fall in July as prior month's print revised up

[Senior couple shaking hands with real estate agent in front of home]
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U.S. new home sales slipped 0.5% to 652K in July from 656K in June (revised from 627K), compared with the 635K consensus, according to data released by the U.S. Census Bureau on Monday.

Sales of new single-family houses were 8.2% below the July 2024 rate of 710K.

The median sales price of new homes sold last month was $403.8K, down 0.8% from June and -5.9% from July 2024.

New homes for sale totaled 499K in July, down 0.6% M/M and up 7.3% Y/Y, the Census Bureau said [https://www.census.gov/construction/nrs/pdf/newressales.pdf]. That represents 9.2 months' supply at the current sales rate, virtually unchanged from June and up from 7.9 months in July 2024.

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