The median sales price of new houses sold in July 2020 was US$330,600. The average sales price was US$391,300
Very few new homes sold were under US$150,000 in April 2020. This is down from 30% in 2002. In general, the stock of homes for sale under US$150,000 bracket is going away.
The surge in sales was driven by a nearly +59% increase in the Midwest month-over-month. Sales also increased on a monthly basis in the South and the West, but fell by -23% in the Northeast.
Total housing inventory at the end of July totalled 1.50 million units, down -2.6% from June and -21% from July 2019, according to the association.
US Existing Home Sales: July 2020
The number of existing home sales across the country grew by +25 percent to 5.86 million last month compared to the 4.72 million homes sold in June, according to a new report from the National Association of Realtors. The hike from June represented the highest monthly increase in sales on record, the NAR said.
The median existing-home price was US$304,100 in July, up +8.5% from a year earlier. It’s the 101st month where home prices have increased on the year, and marks the first time ever that national median home prices have exceeded US$300,000.
Inventory was down slightly in July to 1.5 million units from 1.9 million a year ago, representing a 3.1-month supply of houses at the current pace of sales. The July supply number is the lowest on record.
The NAR said higher sales in July continued the upward trajectory from June following a three-month market slump between March and May. June sales rose +21% month over month to an SAAR of 4.72 million units.