Another summer month, another upbeat home sale report. Sales of new single-family houses in July were at a seasonally adjusted annual rate of 1,011,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 43.2% above the August 2019 estimate of 706,000 and 4.8% above the revised July rate of 965,000.

The median sales price of new houses sold in August was $312,800. The average sales price was $369,000. The seasonally adjusted estimate of new houses for sale at the end of August was 282,000. This represents a supply of 3.3 months at the current sales rate.