JUL-AUG 2023
pace continued for the next 12 months. The median new home sale price in June was $415,400, down roughly 4% compared to a year ago.
New single-family home inventory in June was 432,000, down 3.6% compared to a year ago. This represents a 7.4 months’ supply at the current building pace. A measure near a 6 months’ supply is considered balanced. Of that total inventory, 67,000 were completed, ready-to-occupy homes, up 91.4% from a year ago; however, that inventory type remains just 15% of total inventory.
Sales down 16.5% in the West
Regionally, on a year-to-date basis, new home sales are up 4.7% in the Northeast and 3.2% in the South. New home sales are down 7.6% in the Midwest and 16.5% in the affordability-challenged West.
Top: New one-family homes sold, and below, privately owned housing units started - total units, both grapsh showing the last 24 months. Source: FRED