US New Home Sales Jump to Nearly 9-Year High


Sales of new single-family houses in the United States surged 12.4 percent to a seasonally adjusted annual rate of 654,000 in July of 2016. It is the highest figure since October of 2007 and much better than market expectations of 580,000. Figures for June were revised down by 10,000 to 582,000.

Sales in the Northeast went up 40 percent to 35 thousand; those in the South grew 18.1 percent to 398 thousand and in the Midwest sales rose 1.2 percent to 84 thousand while those in the West were flat at 137 thousand. 

The median sales price of new houses sold declined to $294,600 from $310,500 in the previous month and $296,000 a year earlier. In contrast, the average sales price went up to $355,800 from $353,500 in the previous month and $341,900 a year earlier. 

The stock of new houses for sale fell 2.9 percent to 233,000, the lowest so far this year. This represents a supply of 4.3 months at the current sales rate.

Year-on-year, new home sales increased 31.3 percent. 

US New Home Sales Jump to Nearly 9-Year High


US Census Bureau | Joana Taborda | joana.taborda@tradingeconomics.com
8/23/2016 3:16:24 PM