Signed contracts for new single-family homes fell 8.2% in July year-over-year, reflecting continued affordability headwinds for buyers despite homebuilder price cuts and incentives. The median new-home sales price in July was $403,800, down 5.9% year-over-year, and new homes were priced lower than existing homes, reversing the historical pattern. Existing-home sales rose about 2% in July, suggesting buyer preference for resale homes amid elevated mortgage rates. Homebuilders have offered discounts and incentives, including an average 5% price reduction reported in August, but affordability and high rates continued to suppress new-home buying activity.
In July, sales of newly built homes decreased despite price cuts and incentives from homebuilders, as buyers faced affordability challenges. The U.S. Census Bureau and Department of Housing and Urban Development reported a decline of 8.2% in signed contracts for new single-family homes compared to a year earlier. The median sales price of new houses in July was $403,800, down 5.9% from the previous year, and new homes are priced lower than existing homes, contrary to historical trends.
Sales of newly built homes dropped by 8.2% in July compared to a year earlier, despite price reductions and incentives. The median sales price of new homes in July was $403,800, down 5.9% from the previous year, making new homes more affordable than existing homes. Existing-home sales increased by 2% in July, hinting at a preference for resale homes over new construction.
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