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New Home Sales Slow To Pre-Pandemic Levels – Inventories Build
United States of America – New home sales slid to match that of pre-pandemic levels in the U.S. Census June 2022 report. Although the nation faces a national shortage of homes the inventories of new homes for sale has expanded.
New Homes Sales
According to projections provided simultaneously today by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in June 2022 will be at a seasonally adjusted annual rate of 590,000 units.
This is 8.1 percent (15 percent)* lower than the revised May rate of 642,000 and 17.4 percent (11.6 percent) lower than the June 2021 forecast of 714,000.
Sales Prices Of Homes
In June 2022, the median sales price of new residences sold was $402,400.
The average price for a home was $456,800.
Homes For Sale Inventory And Months Of Supply
At the end of June, the seasonally adjusted estimate of new dwellings for sale was 457,000.
At the current sales pace, this equates to 9.3 months of supply.