• There were 697,000 new single-family home sales nationwide in June (SAAR), down 2.5% from May but up 23.8% from June 2022, according to the U.S. Census Bureau.
• The median sales price of new houses sold in April was $415,400.
• The seasonally-adjusted estimate of new houses for sale at the end of April was 432,000, a supply of 7.4 months at the current sales rate.

What happened: New home sales are still up year over year despite a slight drop from a month ago. 

Why it matters: New home sales staying elevated from levels seen a year ago is welcomed news for homebuilders and is boosting their confidence in the market. 

What Zillow Senior Economist Nicole Bachaud thinks: 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.