Sales of new single-family homes in the United States declined 10.5% in July, the Commerce Department’s Census Bureau reported on Tuesday. The seasonally adjusted annualized rate fell to 607,000 units, the lowest level since January, and missed economist expectations of 620,000 units.
The monthly decline follows a 6.3% drop compared with July 2023, underscoring weakening demand in the housing market. The median price of a new home fell to $393,800 in July, the lowest level in four years, and edged down 0.9% from a year earlier.
Consumer intentions to purchase homes also softened, with just 5.2% of Americans planning to buy within the next six months, according to the Conference Board’s separate survey. That share declined from 6.5% in June, marking the largest drop in more than five years. The Conference Board cited concerns over the job market and inflation as key factors weighing on consumer confidence, which fell to a seven-month low.
