New home sales exceeded expectations in June, rising 13.8% to a seasonally adjusted annual rate of 776,000, the U.S. Census Bureau reports. Year-over-year, new home sales increased 6.9%.
It’s the strongest new home sales rate since July 2007, according to MarketWatch.
"Along with rising builder sentiment, we are seeing increasing consumer demand in the suburbs, exurbs and rural areas," stated Robert Dietz, chief economist for the National Association of Home Builders.
New home sales grew in every region month-over-month in June, jumping 89.7% in the Northeast; 10.5% in the Midwest; 7.2% in the South; and 18.0% in the West.
The median sales price of new homes sold in June was $329,200, with an average sales price of $384,700.
The inventory of new homes for sale at the end of July was 307,000, representing a 4.7 month supply at the current sales rate.
The full U.S. new home sales report for June can be found here.
