July Sees Steady Demand Despite 10.5% Sales Adjustment

July brought notable shifts in the new single-family home market: sales dropped 10.5% from June, landing at 607,000 units—a 6.3% decline compared to last year. Inventory, meanwhile, ticked up by 1.9% to 488,000 homes, representing a 9.6-month supply. Median sales price eased by 2.3% to $393,800, though the average price increased 4.1% to $508,800. With more than three decades guiding clients and educating fellow professionals, I find that understanding these trends is crucial whether you’re buying, selling, or investing. Market data like this helps us anticipate shifts, make informed decisions, and position ourselves for long-term success. My experience across residential, investment, and luxury properties in Michigan—and globally—reminds me how essential it is to interpret not just the numbers, but the stories they tell.