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While refinance activity is buzzing, home sales are plummeting.

A day after it was revealed that existing home sales fell to their lowest point since 1996, new homes sales fell to a record low.

Yep, last month the sale of newly built, single-family homes declined 12.4 percent to a seasonally adjusted annual rate of 276,000 units, per the Commerce Department.

That’s the lowest sales rate for new homes on record, and well below (-32.4%) the July 2009 estimate of 408,000 units.

Sales fell across every region last month, with a 25.4 percent decline seen in the West, a 13.9 percent drop in the Northeast, an 8.7 percent decline in the South, and an 8.3 percent fall in the Midwest.

The median sales price of a new home sold last month was $204,000, down from $217,000 in June and $214,200 a year earlier.

The average sales price was $235,300, down from $248,300 last month and $271,100 a year ago.

Meanwhile, the inventory of new homes for sale at the end of July was 210,000, which represents a 9.1 month supply at the current sales rate.

The number of units for sale has actually fallen year-over-year, but the slower sales pace effectively increased supply.

Remember, this doesn’t include the vast shadow inventory (foreclosed homes, mortgages in default), which is also growing steadily.

Nor does it include so-called sidelined sellers, who plan to list their homes at the sign of a housing recovery.