New Home Sales Up 18% From Last Year

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New estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of newly built single-family homes fell 6.8 percent in June compared to the month before. But, despite the drop, sales are still 18.1 percent above last year’s estimate. That – combined with recent data showing sales of existing homes rising and building permits near 8-year highs – is among the reasons economists don’t feel the slower-than-expected June sales are a sign of trouble in the housing market. In fact, most analysts expect residential real estate to continue to improve. Also in the report, the number of new homes available for sale increased 3.4 percent and reached its highest level since 2010. That’s good news for buyers, since more new homes being built means prices will moderate and affordability conditions should improve. As evidence of this, the report found the median price of new homes sold in June was $281,800, while the average price was $328,700 – both lower than the month before. Regionally, sales dropped in the Midwest, West, and South but were up significantly in the Northeast, rising 28 percent. More here.

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