Single New Family Home Sales Soar in July

The U.S. Census Bureau and U.S. Department of Housing and Urban Development are reporting that according to estimates sales of new single-family houses in July 2020 were at a seasonally adjusted annual rate of 901,000. This is 13.9% above the revised June rate of 791,000 and is 36.3% above the July 2019 estimate of 661,000. The median sales price of new houses sold in July 2020 was $330,600. The average sales price was $391,300. The seasonally-adjusted estimate of new houses for sale at the end of July was 299,000. This represents a supply of 4.0 months at the current sales rate.