New-Home Sales Tread Water in July

New-home sales declined 1.4% from June and 1.1% year over year, with 690,958 homes sold on a seasonally adjusted annualized rate. Market uncertainty, mortgage rate volatility, and economic concerns are dampening buyer confidence. National home prices rose 2.6% for high-end homes but fell for entry-level and move-up homes. Incentives were offered in 63% of new-home communities. Quick move-ins dropped 9.9% year over year but remain 63.8% above 2019 levels.