New Home Sales in July Fell – What You Need to Know
It’s difficult to believe September is around the corner. We can now take a look back at sales in July – collecting more insight on the market and days head. According to the National Association of Home Builders, new home sales in July fell to their lowest level since January 2016. “Sales of newly built, single-family homes in July fell 12.6% to a 511,000 seasonally adjusted annual rate from a downwardly revised reading in June, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales are down 29.6% from a year ago, ” NAHB notes. Remember, a new home sale is defined as: an occurrence when a sales contract is signed or a deposit is accepted. The home can be in any stage of the construction process. This article also sites, “The median sales price rose to $439,400 in July, up 5.9% compared to June, and is up 8.2% compared to a year ago.”
We also took a look at what Florida Realtors® had to say, “Prices are still growing [annually] by double digits,” says Realtor.com Chief Economist Danielle Hale. “We have a long way to go before we see prices decline.”
The recipe for a slower housing market is a combination of high prices mixed with interest rates that are increasing seriously contribute to what we are seeing now.
Info has been sourced from National Association of Home Builders® 
Thinking about buying or selling a home? You’ve come to the right place! Allow Dalton Wade Real Estate group to be your guide – find an agent ready to assist you, learn about communities and neighborhoods, search for all Florida Real Estate listings, while providing you with an exceptional experience – search www.daltonwade.com