One of the most important real estate data sets is the Census’ new home sales report. New home sales show us how many people are buying new construction. June 2019 new home sales data has some good news for the wider market.
That’s an indicator of how well the larger housing economy is doing. Here’s everything you need to know about June’s new home sales data.
NEW HOME SALES, JUNE 2019
– 646,000 new homes sold in June
– 7% increase from May rate of 604,000*
– 4.5% above June 2018 new home sales of 618,000*
– 338,000 new homes for sale on the market
– At current selling rates, that’s 6.3 months of supply
– median price of a new home: $310,400
– average sales price of a new home: $368,600
Here’s how June 2019 new home sales fit into the trends of the last 20 years or so:
WHAT DO NEW HOME SALES MEAN FOR ME?
New home sales are a good indicator of the health of the higher end of the housing market. Zillow says the median home value in the U.S. is $227,700. The Census says the median value of a new home is $310,400.
So, if you’re upgrading to a nicer home, you’re part of a larger trend. But your experience and the offers you make will be dictated by the local market, not so much by these national numbers.
More on how to understand all this below.
* These numbers have very high margins of error, so check back with us next month when we get the revised data.