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Inventory of new homes reaches record low

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(Read caption) New home sales fell 0.7 percent in July and remains in depressed territory.

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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for July showing a monthly decline with sales falling 0.7% since June but increasing 6.8% from July 2010 and remaining at an epically low level of 298K SAAR units.

It's important to recognize that the inventory of new homes has now fallen to a new series low at 165K units, lowest level seen in in at least 47 years while the median number of months for sale declined to 9.4.

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The monthly supply remained flat at 6.6 months while the median selling price increased 7.15% and the average selling price increased 4.67% from the year ago level.

The chart above shows the extent of sales decline to date (click for full-larger version).