The Commerce Department says new-home sales jumped 12.4 percent last month to a seasonally adjusted rate of 654,000 units, the strongest level since October 2007. Demand has eclipsed the pace of construction. Just 4.3 months’ supply of new homes is on the market, down from 5.2 months a year ago. Sales have climbed 12.4 percent year-to-date.
Purchases shot up 40% in the Northeast and 18.1% in the South last month. They increased slightly in the Midwest and stayed unchanged in the West.
July’s median sales price dipped 0.5 percent from a year ago to $294,600.
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