As the pace of new-home sales slowed, inventory rose to 499,000 units at the end of July, up 7.3% compared to a year ago. On a monthly basis, however, inventory was down 0.6%. This supply represents 9.2 months of inventory at the current sales pace. With inventory rising and home sales slowing, the median sales price posted both monthly and yearly declines in July. The figure of $403,800 was down 0.8% month over month and 5.9% year over year.
New construction homes often have less wiggle room on base price, but builders may offer significant incentives during negotiations to help buyers secure deals.