Sales of new single-family homes clung to their same bumpy path again last month, unexpectedly slipping to their weakest annual pace since March, the Census Bureau said Monday.
Neither markedly stronger nor dramatically weaker, sales over the past 10 months haven’t moved much.
“The new home sales figures by now have that lived-in feeling, with few signs of a significant change, in either direction, over the near term,” said Richard Moody, chief economist of Regions Financial.
The new home market is “basically running in place,” he said in emailed comments Monday.
July’s seasonally adjusted annual rate was 412,000, down 2.4% from June’s higher revised rate of 422,000, the Census Bureau said. Previously-reported sales rates for April and May also were revised up.