New home demand swoons even as sales prices hit a 5-year low
As new orders weaken in July, the median sales price of a new home fell to $393,800 in July, the lowest level recorded since July 2021
As new orders weaken in July, the median sales price of a new home fell to $393,800 in July, the lowest level recorded since July 2021
BELLINGS Intelligence Score: 30
Why it matters
The decline in new home demand alongside a five-year low in sales prices signals notable market activity in the housing sector, which is relevant to credit professionals monitoring real estate credit risk and market trends, but it does not directly shift monetary policy or represent a structural change.
Sources
HousingWire
New home demand swoons even as sales prices hit a 5-year low
As new orders weaken in July, the median sales price of a new home fell to $393,800 in July, the lowest level recorded since July 2021