New Residential Construction Report Revised Much Higher for July
The U.S. Census Bureau and Department of Housing and Urban Development (HUD) reported new home sales rose by a seasonally adjusted annual rate of 713,000, easily beating the forecast.
That’s a 7.1% (±20.3%) gain above the upwardly revised 666,000 figure for July, which was initially reported at 635,000. It’s 18.0% (±19.9%) above the August 2018 estimate of 604,000.
The median sales price of new houses sold in August 2019 was $328,400. The average sales price was $404,200.
The seasonally‐adjusted estimate of new houses for sale at the end of August was 326,000. This represents a supply of 5.5 months at the current sales rate.
