New-home sales continue to grow

Sales of new single-family houses in July 2012 rose 3.6% over the previous month, with a seasonally adjusted estimate of 372,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

This compares with a July 2011 estimate of 297,000, a jump of 25.3%.

The median sales price of new houses sold in July 2012 was $224,200; the average sales price was $263,200. The seasonally adjusted estimate of new houses for sale at the end of July was 142,000, a record low. This represents a supply of 4.6 months at the current sales rate.

Sales were up in the Northeast and Midwest by 76.5% and 7.7%, respectively. In the South, new-home sales dropped 1.6% in month-over-month figures. In the West, the sales decline was 0.9%.

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