The press release from the US Census Bureau and the US Department of Housing and Urban Development on August 23, 2016 showed that new residential sales reached double digits in July. Nationally, 654,000 new single-family homes were sold representing a 12.4% increase over June and a 31.3% increase over July 2015.
The national supply of new homes was at a 4.3-month supply, down from a 4.9-month supply in June. The median sales price in July was $294,600, which was down from $306,700 the previous month. The average sales price also declined from $358,200 to $355,800.
In the West, new home sales did not change month-over-month. However, compared to the same time last year, new home sales grew by 11.4%. To read the full press release, visit http://1.usa.gov/10tP2Rv.