New Home Sales Increase Beats Expectations

New Home Sales Increase Beats Expectations

The housing market continues to show encouraging signs of improvement. Just how encouraging becomes clearer with each new data release, especially with the most recent data concerning new home sales.

Encouraging Numbers For New Home Sales

For example, it was just reported that sales of previously owned homes rose nearly 21 percent in June. Now, new numbers show June sales of newly built single-family homes increased too, rising 13.8 percent month-over-month. It was the fastest sales pace since 2007 and a significantly faster pace than economists forecasted. In fact, economists polled by Reuters expected new sales to increase just 4 percent. Surging sales are yet another sign that home buyers have returned to the market after putting their plans on hold this spring. Even when compared to last year, sales are up – with June’s improvement pushing sales of new homes nearly 7 percent higher than they were at the same time one year ago. Also in the report, the median purchase price of new homes sold in June was $329,200. The average sales price was $384,700. (source)

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