New home sales regained all the ground they lost in June, jumping by 13,000 to an annualized rate of 372,000 in July, the Census Bureau and HUD reported Thursday. Economists surveyed by Bloomberg expected the report to show a sales pace of 362,000. Sales for June were revised up to 359,000 from the originally reported 350,000.
Both the median and average sales price of a new home though dropped month-month and year-year according to the report, each falling to the lowest level since January.
The bump in sales was seen largely in the Northeast where the sales pace was reported as 30,000 up from 17,000 in June. In May the sales pace in the Northeast was 38,000. Given the wide swings in the region, the average of national sales might be a better indicator. The three month average of sales was 368,000 up from 359,000 in the previous three months and 303,000 in the May-June-July period one year ago. Read more
Both the median and average sales price of a new home though dropped month-month and year-year according to the report, each falling to the lowest level since January.The bump in sales was seen largely in the Northeast where the sales pace was reported as 30,000 up from 17,000 in June. In May the sales pace in the Northeast was 38,000. Given the wide swings in the region, the average of national sales might be a better indicator. The three month average of sales was 368,000 up from 359,000 in the previous three months and 303,000 in the May-June-July period one year ago. Read more
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