the numbers us new home sales plunged 126 to a seasonallyadjusted rate of 511000 in july from a revised 585000 in the prior month the commerce department reported tuesday the pace of sales in july is the lowest level since january 2016 sales have fallen since hitting a peak of 104 million in august 2020 analysts polled by the wall street journal had forecast new home sales to come in at 574000 in july yearoveryear new home sales are down 296 new home sales fell a revised 71 to 585000 in june compared with the initial estimate of a 81 drop to 590000 the new home sales data are often revised key details the median sales price of new homes sold in july was 439400 up from 414900 in june but below the record 458200 in april the supply of new homes for sale rose by 185 between june and july equating to a 109month supply the supply of new homes is the highest since march 2009 and is one of the highest levels on record regionally sales of new homes fell the most in the midwest followed by the west and south new home sales rose in the northeast by 133 big picture builders and realtors said housing is in a “recession” as weaker data month after month has made housing one of the softest parts of the economy but buyers and sellers say normalcy is finally returning to the market home sellers are adjusting prices based on demand cooling and buyers are seeing more opportunities in terms of inventory and having to face fewer bidding wars some regions are losing steam faster than others like the south and the west which was home to many pandemic hotspots including miami fla phoenix ariz and austin tex market reaction the dow jones industrial average djia and the sp 500 spx were both up in early trading on tuesday the yield on the 10year treasury note tmubmusd10y rose to 304