New Home Prices Hit Record Highs
The Census Bureau reported new home sales for July at a seasonally adjusted annual rate of 708,000. That was a bit better than official estimates, but still down 27 percent from the same time a year ago. New home prices hit all-time highs in July. The median price of a new home contracted last month rose to $390,500. The average price of new construction hit a new record high of $446,000. The seasonally‐adjusted estimate of new homes for sale at the end of July was 367,000. That figure is a bit misleading because a huge [...]
