New Home Sales 25 Percent Higher Than Last Year

The U.S. Census Bureau and the Department of Housing and Urban Development released their new home sales estimates for July. According to the data, sales of newly built single-family homes rose 3.6 percent to a seasonally adjusted annual rate of 372,000. June’s rate was was revised upward to 359,000. New home sales are now 25.3 percent higher than they were a year ago, further evidence of improvement in the market and gaining consumer confidence. The median sales price of new homes sold in July was $224,200; the average price was $263,200. At the current sales pace, there was a 4.6-month supply of new houses available for sale at the end of July. More here and here.

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