US new home sales edged down -0.6% MoM and -8.2% YoY to 652k (vs 630k expected) in July as sales of new homes continue to trend weak for the summer.

• The median sales price was down -5.9% YoY after a slight -0.8% MoM decline. Similarly, the average sales price was down -5.0% YoY after a -3.6% MoM decline.
• Total months' supply was unchanged at 9.2x in July, but inventories were up a sharp 16.5% YoY.
• At least 50% of homes sold in July were below $400k for the time since November 2024.