New home sales rose in the South to the second-highest level all year as inventory levels rise nationally, according to the latest data from the Census Bureau.
- New home sales in the South climbed to a seasonally adjusted annual rate of 375,000 in June, marking a 0.2% increase from May. This is the second-highest level recorded this year, solidifying the South’s dominance in the new home market.
- The region now accounts for 60.7% of all new home sales nationwide, highlighting its continued growth and appeal.
A Mixed Month: While the South saw gains, the overall picture was mixed across the country. The West also experienced an increase in new home sales, rising by 1.4%. However, the Northeast and the Midwest faced declines of 7.7% and 6.9%, respectively.
Inventory: National inventory levels increased for the sixth consecutive month, with 476,000 units available for sale in June. This represents a month’s supply of 9.3, the highest level since October 2022. Rising inventory levels back up the claims Lawrence Yun, NAR Economist, made earlier this week that the housing market is slowly transitioning from buyers to a sellers market.
