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Sales of new single-family homes were up 6.8 percent over last year’s estimates in July. According to the U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales report, new home sales were at a seasonally adjusted rate of 298,000, which was above the July 2010 estimate of 279,000 but 0.7 percent below June’s revised rate of 300,000. The median price for a new home was $222,000; the average sales price was $272,300. The number of new houses for sale at the end of July was 165,000, which represents a 6.6-month supply at the current sales rate. A six-month supply of single-family homes is considered healthy for the housing market. More here and here.
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