Mr. Shaman
Seer
August 23, 2016 - "Consumers took full advantage of extremely low mortgage rates and continued monetary policy inaction from the Federal Reserve last month, as new home sales unexpectedly soared to their highest point since October 2007, according to a report published Tuesday by the Census Bureau.
Sales of new single-family homes in July clocked in at an impressive annualized rate of 654,000 – up 12.4 percent over the month and 31.3 percent over the year. Analysts had actually expected a slight downtick in sales over the month, due mostly to strong performance in June and a general shortage of new housing options on the market.
"July's surge in new home sales continues to support the sentiment that demand for homes is strong despite homebuyers facing low existing inventory," Ralph McLaughlin, chief economist at real estate hub Trulia, wrote in a research note Tuesday.
Over the year, the geographic South has exhibited the strongest rate of sales growth, with transactions up 39.6 percent from July 2015. The Midwest has followed close behind, with sales jumping 35.5 percent."