July housing data brought good news for both the newly built and existing home markets. July newly built homes sales, as reported by the Census Bureau and HUD, rose 5.4% from June and 25.8% from July 2014. The increase brings annual new home sales to 507,000, or just over halfway back to a normal year of activity.
Median new home prices increased 2% from July 2014 and average prices increased 4.8%. Sale prices have increased because the composition of homes sold has shifted away from starter or first-time buyer homes and toward move-up buyer products. New home inventories increased in July to 218,000, the highest level in more than five years.
