July 2008 New Home Sales Down

NEW RESIDENTIAL SALES IN JULY 2008

Sales of new one-family houses in July 2008 were at a seasonally adjusted annual rate of 515,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.4 percent (±11.6%)* above the revised June rate of 503,000, but is 35.3 percent (±7.3%) below the July 2007 estimate of
796,000. The median sales price of new houses sold in July 2008 was $230,700; the average sales price was $294,600. The seasonally adjusted estimate of new houses for sale at the end of July was 416,000. This represents a supply of 10.1 months at the current sales rate.