New Construction Sales Rebound as Prices Hit Record High
New home sales rebounded from a three-month slide, as employment gains and summer vacations motivated many families to look for a new home before the start of the school year. A total of 708,000 homes sold during the month, a 1.0% increase from an upwardly-revised June figure, driven by double‑digit gains in the West. However, sales of new homes were 27.2% lower than the same month in 2020.
Even with the cost of lumber coming down in June, builders maintained higher prices, pushing the median new home price to a record of $390,500, an 18.4% jump from a year ago. The supply of new homes has been improving, from a low of 3.7 months of inventory in March, to 5.9 months in July. Sales of entry‑level homes—priced below $300,000—accounted for 24% of total sales, reflecting continuing shortage of affordable new housing.
Source: National Association of Realtors, www.realtor.com
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