US new home sales increase by 10.6 percent last month, highest in 1 year
Date
8/25/2024 4:48:36 AM
(MENAFN) According to a report released on Friday by the Census Bureau and the Department of Housing and Urban Development, new home sales in the United States surged by 10.6 percent in July compared to the previous month. The data reveals that sales of new single-family homes reached a seasonally adjusted annual rate of 739,000 units, marking the highest level recorded since May 2023. This notable increase indicates a strong rebound in the housing market, reflecting heightened consumer demand for newly built homes.
In July, the estimated number of new single-family homes sold was projected to be around 624,000, representing a 1 percent gain over the previous month's figures. For June, the reported sales figure was revised upward to 668,000 from an initial estimate of 617,000, reflecting a slight monthly increase of 0.3 percent. This revision underscores a modest but steady growth in home sales over the past few months.
On an annual basis, the number of new home sales in July was 5.6 percent higher than the same month in 2023, when sales stood at 700,000 units. This year-over-year increase highlights a continued positive trend in the housing market, as new home sales have shown resilience and growth despite various economic challenges.
The median sale price of new homes in June was recorded at USD429,800, while the average sales price was USD514,800. These figures provide a snapshot of the current pricing dynamics in the new home market, reflecting both the median and average costs buyers are facing as they purchase new single-family homes.
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