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LoanDepot Inc. Founder and CEO Anthony Hsieh looks at data showing sales of existing homes unexpectedly surged in July.
New home sales rose last month, with increased supply giving buyers more choice.
Sales of new single-family homes rose 1% in July to a seasonally adjusted annual rate of 708,000, according to the US Census Bureau and the Department of Housing and Urban Development. Still, the rate was 27.2% lower than the July 2020 estimate of 972,000.
BLACK SWAN BOIL HOUSING MARKET
Analysts polled by Refinitiv expected 700,000 new homes to be sold. The June reading has been revised up from 25,000 to 701,000.
New home sales, which account for around 10% of the housing market, had previously fallen each month in 2021 as buyers grapple with a shortage of inventory and record prices.
Prices continued to rise last month as the median selling price of new homes sold during the month hit $ 390,500, from $ 370,200 in June. A year ago, the median price was $ 336,900.
The increase in new home sales comes a day after existing home sales last month increased more than expected to a seasonally adjusted annual rate of 5.99 million.
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Total housing stock rose for a sixth consecutive month in July, climbing 7.3% to 1.32 million units, according to the National Association of Realtors. Still, it was 12% below the level of a year ago of 1.5 million.
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