Last week, the U.S. Census Department released its monthly New Residential Home Sales Report for July showing a notable pullback with sales falling a whopping 13.41% from June and rising just 6.78% above the level seen in July 2012 remaining at an historically low level of 394K SAAR units.
It's important to recognize that the inventory of new homes appears to be mounting as unsold units totaled 171K, still though near the lowest level seen in in at least 47 years while the median number of months for sale declined to 3.5.
The monthly supply increased to 5.2 months while the median selling price increased 8.34% and the average selling price increased 14.31% from the year ago level.
The following chart show the extent of sales decline to date (click for full-larger version).
