![]() ![]() The number of homes for sale but not started also ticked up in July, reaching the highest level in over a year as builders proceed cautiously to strike a balance between the need for housing and the softening of demand. The number of homes sold but not started ticked up in July, reaching 165,000 homes, the most since February. ![]() Still-high prices and mortgage rates mean that buying a home is significantly more expensive than a year ago, which has made builders more pessimistic about future buyer demand. Mortgage rates concluded the month around 5.3%, 2.5 percentage points higher than one year earlier, making this jump in price even more impactful. Though buyers saw listing prices begin to level off in July, the median sales price of new homes ticked up to $439,400, up 5.9% month-over-month and 8.2% year-over-year. Along with six months of declining existing home sales and five months of declining housing starts, July’s New Home Sales data follows suit and continues the year’s downward trend (with the exception of May) in the number of new homes sold. July’s data falls in line with other recent indicators, signaling the continued slow down of the housing market due to still-high prices, climbing mortgage rates and elevated inflation. New Home Sales decreased by 12.6% from June’s downwardly revised number, a nearly 30% decrease year-over-year to 511,000 new home sales. July 2022 New Home Sales What Happened This Month: ![]()
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