WASHINGTON - New home sales fell 12.4% in July to a new record low of 276,000 sales at a seasonally adjusted annual rate as sale prices also dropped, the Commerce Department reported today.
Home sales in June were revised lower to 315,000 from 330,000. May’s sales were revised higher to 281,000 from 267,000, which was the previous record low. Records for this series date back to 1963.
Economists expected 330,000 home sales for the month, according to the median estimate from Thomson Reuters.
New home sales in all four regions declined in July. Sales in the West fell to a record low.
The median sales price dropped 4.8% from a year ago to $204,000, the lowest median price since December 2003. The sales price declined 6.0% from June.
The months’ supply of new homes increased to 9.1 months from 8.0 months in June.
