After reaching a record US$374,400 in May, the median sales price of a new home in the US moderated down to US$361,800. A phenomenal 76% of homes sold last month were either under construction or yet to be built.
There were 676,000 new homes on the market in June, down -6.6% from 724,000 in May. At the sales pace in June, it would take a healthy 6.3 months to clear the supply of houses on the market, up from 5.1 months in May and from 4.6 months in April.
Compared to the price one-year-ago, when it was US$590 mfbm, for the week ending July 23, 2021, the wholesaler price of benchmark softwood lumber commodity item Western S-P-F KD 2×4 #2&Btr was down by -$90, or -15%, at US$500 mfbm.
The previous week this price was $555. One month ago when it was $1,206, this price is down by -$706, or -59%.
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