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.
