Surge in New Home Sales and Prices Revealed for July 2023

new homeImage via Pixabay

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for July 2023:

hud chart

New Home Sales

Sales of new single‐family houses in July 2023 were at a seasonally adjusted annual rate of 714,000, according to estimates released jointly recently by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.4 percent (±12.8 percent)* above the revised June rate of 684,000, and 31.5 percent (±16.3 percent)* above the July 2022 estimate of 543,000.

Sales Price

The median sales price of new houses sold in July 2023 was $436,700. The average sales price was $513,300.

For Sale Inventory and Months’ Supply

The seasonally‐adjusted estimate of new houses for sale at the end of July was 437,000. This represents a supply of 7.3 months at the current sales rate.

The August report is scheduled for release on September 26, 2023. View the full schedule in the Economic Briefing Room: www.census.gov/economic‐indicators/. The full text and tables for this release can be found at www.census.gov/construction/nrs/.

The statistics provided are estimated from sample surveys, subject to both sampling and nonsampling errors. Confidence intervals are given for percent changes, with ranges indicating the level of certainty. It usually takes 4 months to establish a trend for new houses sold, and preliminary figures may be revised due to survey methodology and definitions used. Changes in sales price data reflect variations in house distribution and prices. For more information, visit the Census Bureau’s website.

  • The 90 percent confidence interval includes zero. In such cases, there is insufficient statistical evidence to conclude that the actual change is different from zero.
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