The seasonally adjusted pace of new single-family home sales in the U.S. dropped 6.6 percent in June to an annualized rate of 676,000 sales, which is 19.4 percent lower than at the same time last year, down 31.9 percent since the start of this year and the slowest pace of sales since April of 2020.
And with the drop in the pace of sales, there are now 353,000 new single-family homes for sale across the country, representing 17.3 percent more new homes on the market than at the same time last year and the most inventory since November of 2008.
At the same time, the median price of the homes which sold last month dropped 5 percent from May ($380,700) to $361,800 in June. And while 6.1 percent higher than at the same time last year, that’s down from 20.1 percent higher, on a year-over-year basis, in May.
New home sales make up about 10% of all home sales, yes?
They make a difference for GDP numbers, but a small part of the residential real estate market.
Has the person who owns SS shorted the housing market a la John Paulson because you sure love to cherry pick stats that make the hottest housing market in over a decade look like its crashing (which its not).