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New home sales up more than 25 percent from last year

Donna Tam Jul 26, 2016
Photo by Justin Sullivan/Getty Images

New home sales up more than 25 percent from last year

Donna Tam Jul 26, 2016
Photo by Justin Sullivan/Getty Images

The sales of new, single-family houses are growing at a steady clip in the first half of this year and the trend continued in June, according to figures the U.S. Census Bureau released today.

In June, sales reached a seasonally adjusted annual rate of  592,000, an estimated 3.5 percent increase over May. The Bureau also revised its May rate to 572,000. The numbers show a market that has been trending up for several months now, with June’s estimated figures at an estimated 25.4 percent higher than it was last year.

 

This month’s estimates were much higher than expected — by about 30,000 more. The news comes just after the National Association of Realtors announcement last week that existing home sales hit their highest level since 2007. Despite the numbers, however, the market is still struggling with a lack of inventory. There just aren’t enough homes for sale, according to the NAR.

Additional June estimates from the Bureau:

  • Median sales price of new houses sold was $306,700
  • Average sales price was $358,200

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