New residential sales statistics for July 2017 released by the Department of Housing and Urban Development (HUD) and U.S. Census Bureau revealed residential sales were down from June.
The report referenced sales of new single-family houses were at a seasonally adjusted annual rate of 571,000, which is 9.4 percent below the revised June rate of 630,000 and 8.9 percent below the July 2016 estimate of 627,000.
The analysis also outlined the seasonally-adjusted estimate of new houses for sale at the end of July was 276,000 – representing a supply of 5.8 months at the current sales rate.
The median sales price of new houses sold in July 2017 was $313,700 while the average sales price was $371,200.
HUD and Census Bureau officials said report figures are estimated from sample surveys and are subject to sampling variability, as well as non-sampling error, including bias and variance from response, nonreporting, and undercoverage.
The report also referenced all ranges given for percentage changes are 90 percent confidence intervals and account only for sampling variability adding if a range does not contain zero, the change is statistically significant.
New residential sales data for August 2017 will be released in late September, officials said.