Estimates released by the U. S. Census Bureau and the U. S. Department of Housing and Urban Development (HUD) indicate sales of new single-family homes in July rose 5.4 percent over June to a seasonally-adjusted annual rate (SAAR) of 507,000, besting June’s numbers of 481,000. The level is 25.8 percent above the 403,000 of July 2014 according to mortgageorb.

With an average sales price of $361,600, the median sales price of a new home was $285,900. MHProNews has learned at the end of July there were 218,000 new single-family homes on the market.

“Today’s report is in line with other government data and improving builder sentiment and shows a gradual but consistent housing recovery,” adds David Crowe, chief economist for NAHB. “As job growth and consumer confidence continue to strengthen, the housing market should make additional gains this year.”

Regionally, the Northeast posted a gain of 23.1 percent, while the West rose 6.7 percent and the South increased 5.8 percent. The Midwest dropped 6.9 percent. ##

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Article submitted by Matthew J. Silver to Daily Business News-MHProNews.