Biggest Monthly Gain For New Home Sales in 10 Years

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Posted To: MND NewsWire

Rather than the month-over-month decline expected, July new home sales soared above 600,000 units for the first time since late 2007. The U.S. Census Bureau and Department of Housing and Urban Development reported on Tuesday that newly constructed homes sold at a seasonally adjusted annual rate of 654,000 during the month, a 12.4 percent gain from June’s downwardly adjusted rate of 582,000 (from 592,000). This was a 31.3 percent increase from a year earlier when sales sold at a rate of 498,000 units. Analysts surveyed by Econoday had expected sales to come in somewhere in the range of 556,000 to 590,000. The consensus was 580,000 units. On a non-seasonally adjusted basis there were 57,000 new homes sold, up from 53,000 in June and 43,000 in July 2015. The median price of a home sold during…(read more)

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