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July new home sales disappoint
Sales of new homes slipped 2.4 percent in July from June numbers, to an annual rate of 412,000, according to data from the Census Bureau and Department of Housing and Urban Development.
“We are somewhat surprised by this dip, considering builder confidence and new-home starts are on the rise,” said Kevin Kelly, chairman of the National Association of Home Builders and a home builder and developer from Wilmington, Del.
The group’s chief economist, David Crowe, remained optimistic for an uptick later this year.
The average price of a new home sold in July — $339,100 — was up 2.8 percent over July 2013.
Continued low levels of first-time homebuyers is weighing against new home sales, warned Stephanie Karol, a U.S. economist for forecaster IHS Global Insight.
“When move-up demand accounts for such a vast majority of existing home sales, it implies a low rate of household formation and thus low demand for new housing stock,” Karol cautioned.
Home & Garden
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