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New-home sales increased for the second consecutive month, going up 13.8 percent above the revised May rate and 6.9 percent above the June 2019 estimate of 726,000, according to the latest Commerce Department monthly report.

Here’s the market breakdown:

New-Home Sales: 776,000
For-Sale Inventory: 307,000
Months’ Supply:  4.7 months
Median Price: $329,200

What the Industry’s Saying:

“While Wall Street may have been expecting a smaller gain, anyone following the NAHB/Wells Fargo Housing Market Index would know these numbers are in line with what we are hearing from builders. Builders are moving to ramp up production to meet growing demand.” — Chuck Fowke, Chairman, National Association of Home Builders

“Along with rising builder sentiment, we are seeing increasing consumer demand in the suburbs, exurbs and rural areas. At the same time, builders are dealing with supply-side concerns such as rising material costs, particularly lumber, which surpassed its 2018 price peak this week. Nonetheless, low inventory levels point to construction gains ahead.” — Robert Dietz, Chief Economist, National Association of Home Builders

“Record-low mortgage rates and pent-up demand from the spring continue to be main drivers for the housing market this summer. New-home sales picked up for the second straight month in June, in line with various other housing market indicators showing strong demand following the pandemic-induced low in April. The 776,000 unit sales pace for June was the strongest since July 2007, and is an increase of almost 14 percent nationally over the month. Sales were up 7 percent year-over-year, and all regions except for the South were back to a sales pace higher than a year ago. Data from MBA’s Builder Applications Survey—released earlier this month—showed a similar increase in the demand for new home purchases.” — Joel Kan, AVP of Economic and Industry Forecasting, Mortgage Bankers Association

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