New homes sales beat expectations and were up 1% in July, according to the latest data from the Census Bureau…(CB)
- M-O-M: Sales of new single‐family houses were up 1.0% to a seasonally adjusted annual rate of 708,000.
- Y-O-Y: Sales were down 27.2% when compared to the same time a year ago.
BEAT THE STREET: Forecasts had sales coming in at 700,000.
The median price jumped back up to a new high after falling back in June…
- M-O-M: The median sales price jumped 5.4% to $390,500 in July with the average sales price up 3.8% to $446,000.
- Y-OY: The median sales price was up 18.4% and the average sales price was up 17.6% when compared to July 2020.
New home inventory was up 3.3% from June and a whopping 72.2% when compared to the same time a year ago.
- New houses for sale at the end of July were 367,000 which represents a supply of 6.2 months at the current sales rate which is the highest number we have seen in over a year.