New Home Sales Dip Compared to May, But Up Significantly Year-Over-Year

  • July 26th 2023

by UrbanTurf Staff

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New home sales dipped in June compared to May, but are still up notably compared to last summer. 

There were 697,000 new home sales in the U.S. in June, according to the U.S. Census Bureau, down about 3% when compared to the previous month, but up nearly 24%, year-over-year.

From Zillow economist Nicole Bachaud on the new home sale numbers:

"With inventory of existing homes dwindling, many home shoppers are turning up empty handed. Those buyers who turn to the new construction market are seeing more available options to snatch up, leading to strong new home sales compared to a year ago. And with the majority of builders offering incentives like rate buydowns, new construction is an attractive offer for buyers who are seeking affordability. The new construction market will continue to play a vital role in unlocking buyers who are left with few other options as builders continue to churn out much needed inventory into this market."

See other articles related to: new home sales

This article originally published at https://dc.urbanturf.com/articles/blog/new_home_sales_dip_compared_to_may_but_up_significantly_year-over-year/21302.

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