July’s New Residential Sales Show Continued Growth

According to the US Census Bureau and the Department of Housing and Urban Development’s latest new residential sales press release for July, new single-family home sales showed continued growth nationally. Compared to June, new single-family home sales rose by 5.4% and were 25.8% greater than in July 2014. In the West, new residential sales in July were 6.7% higher on a month-over-month basis and 29.6% more than the same time last year.

The data presented by the US Census Bureau and the Department of Housing and Urban Development seemed to reflect an easing in new single-family home inventory. In July, the estimated number of new houses for sale was 218,000 representing a 5.2-month supply at the current sales pace. Nevertheless, the median sales price for new homes that sold in July was $285,900 which was higher than June’s median sales price of $277,500. The average sales price in July rose to $361,600 compared to June when the average sales price was $319,600. To read the full press release, visit http://1.usa.gov/10tP2Rv.

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