New home sales for July 2020 surge higher
- New home sales for July 2020 jumped to 901k VS 790k estimate. Highest level since December 2006
- The prior month was revised higher to 791K vs 776K initially reported.
- Month-to-month change 13.9%
- 3 month average 793K up from 682.6K
- Month supply 4.0 months vs. 4.6 months previously. That is a low
- Homes for sale 299K vs. 304K last month.
- Median price $330,600 which is lower than last month $337,000. Prices are still up 7.2% year on year
- The mean price rose to $391,300 from $381,900. Prices are up 4.8% year on year
Recall that last week the existing home sales which accounts for about 85% to 90% of the housing market in the US, was much stronger than expected at 5.86M for July vs. 4.7M in June. The inventory remains a problem with supply at only 3.0 months.
This report mirrors the strength in the existing home sales. Housing remains strong as Covid since buyers into the suburbs.
