New Home Sales Rose 5.4% in July

Sales of new single-family homes rose in July to a seasonally adjusted annual rate of 507,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The July rate is 5.4 percent above the revised June rate of 481,000 and 25.8 percent above the year-ago rate of 403,000.

New home sales grew month-over-month in three of the four regions, rising 23.1 percent in the Northeast, 5.8 percent in the South, and 6.7 percent in the West, while sales fell 6.9 percent in the Midwest.

The median sales price of new homes sold in July was $285,900, up 3.0 percent from June and considerably higher than the median existing home price of $234,000. The average sales price was $361,600, up 13.1 percent on the month.

At the end of July, there was an estimated supply of 5.2 months at the current sales rate.

Read the release.