New home sales during the month of July showed the highest monthly growth since October 2007. Existing home inventory is running low so home buyers are turning to new construction.
On a year-to-date basis, new home sales have improved 12% over comparable 2015 totals, according to NAHB’s Eye on Housing.
The inventory of new homes for sale was 233,000 in July, which is a 4.3-month supply, according to government estimates. The median sales price of new houses sold was $294,600.
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