New home sales decreased in July, revealing a relatively static market, according to the new report from the Census Bureau and the Department of Housing and Urban Development.
Zillow Senior Economist Aaron Terrazas said that home sales once again disappointed expectations, indicating that the market is in trouble.
“For the second month in a row, both new and existing home sales have come in below expectations, adding yet another data point to the mounting body of evidence pointing to a struggling housing market.”
Sales of new single-family houses decreased 1.7% to 627,000 in July, down from June’s 638,000 sales but is 12.8% above the estimate of 556,000 sales in June last year.
Terrazas said the market has remained underwhelming, only showing signs of life as home prices increase.
“The only housing market indicator that has moved decisively higher in 2018 has been prices: Everything else is flat,” Terrazas…