The Commerce Department said on Tuesday new home sales surged 12.4% t to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007.
The Census Bureau reports the following for New Residential Sales data for July 2016:
- Sales of new single-family houses in July 2016 were at a seasonally adjusted annual rate of 654,000 (14.4% above June and 31.3% above July 2015)
- Median sales prices of new houses sold in July 2016: $294,600
- Average sales price: $355,800
- Seasonally adjusted estimate of new houses for sale: 233,000 (representing a supply of 4.3 months at the current sales rate)
- Graph Source: The National Association of Manufacturers' Monday Economic report (8-29-16)
- According to data released in August by the National Association of Realtors, housing prices increased the most in the Western and Southern United States, while in the Northeast prices grew slowly, or declined.
- The National Association of Home Builder's reported the Housing Market Index increased two points to 60 in August. Housing starts reflected an increase of 2.1% month-over-month to the highest level in five months. However, building permit data decreased by 0.1% for privately owned housing units.