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New-home sales increased in July for the third consecutive month, going up 13.9 percent above the revised June rate of 791,000 and 36.3 percent above the July 2019 estimate of 661,000, according to the latest Commerce Department monthly report.  Sales of new single-family homes in July were at a seasonally adjusted rate of 901,000.

Here’s the market breakdown:

New-Home Sales: 901,000
For-Sale Inventory: 299,000
Months’ Supply:  4.0 months
Median Price: $330.600

What the Industry’s Saying:

“This is exactly what NAHB’s builder confidence survey has been indicating in recent months. Consumers are being driven by low interest rates, a growing focus on the importance of housing and a shift in buyers seeking homes in lower density areas.  Despite these positive conditions, affordability challenges remain especially as builders are dealing with building cost increases, including a dramatic rise in lumber costs in recent months.” — Chuck Fowke, Chairman, National Association of Home Builders

“New home sales are benefitting from the suburban shift, as prospective buyers seek out affordable markets in order to obtain more residential space. Moreover, sales are increasingly coming from homes that have not started construction, with that count up 34 percent year-over-year. In contrast, sales of completed, ready-to-occupy homes are down almost 24 percent. These measures point to continued gains for single-family construction ahead.” — Robert Dietz, Chief Economist, National Association of Home Builders