July New Home Sales Highest Since 2006

New home sales reached a 13-year high in July, surging 13.9% to a seasonally adjusted rate of 901,000 units, the National Association of Home Builders reports. The rate is up 36.3% compared with July 2019.

New home sales grew year-to-date in all regions, jumping 21.7% in the Northeast; 20.4% in the Midwest; 4.8% in the South; and 8.7% in the West.

"New home sales are benefiting from the suburban shift, as prospective buyers seek out affordable markets in order to obtain more residential space,” stated Robert Dietz, NAHB’s chief economist. “Moreover, sales are increasingly coming from homes that have not started construction, with that count up 34 percent year-over-year.”

The median sales price of new homes sold in July was $330,600, with an average sales price of $391,300. Inventory of new houses for sale at the end of the month was 299,000, a supply of 4.0 months at the current sales pace.

The full Census report can be found here.