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New Home Sales Now 25% Higher Than Last Year

New estimates from the U.S. Census Bureau and the Department of Housing and Urban Development show sales of newly built single-family homes fell 2.5 percent in June from one month earlier. The decline was the first since February and follows a downward revision to May's estimate. But while that may sound like discouraging news for the new home market, the long-term trend remains strong. How strong? Well, June's estimate – while down from one month earlier – remains nearly 25 percent higher than at the same time last year. In other words, the market for newly built homes continues to grow, mostly due to a lack of previously owned homes for sale. Supply issues in the existing-home market have helped drive more buyers to look at new homes, which has supported more new residential construction. Also in the report, the median sales price of new houses sold in June was $415,400. The average sales price was $494,700.


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