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New single-family home sales rebounded from disappointing June data, reaching a seasonally adjusted annual rate of 507,000, according to estimates released jointly today by the U.S. Census Bureau and HUD. Sales of new single-family houses in July 2015 were 5 point 4 percent above the revised June rate of 481,000 and 25.8 percent above the July 2014 estimate of 403,000.
The median sales price of new houses sold in July 2015 was $285,900, while the average sales price was $361,600. The seasonally adjusted estimate of new houses for sale at the end of July was 218,000, the highest level since March 2010. This represents a supply of 5.2 months at the current sales rate.
New research conducted by Freddie Mac released Tuesday indicates that people living in single-family rental properties may be more likely to buy a home than those living in apartments. Freddie Mac's latest survey, conducted in June, found that overall, about 55 percent of renters in both single- and multifamily properties intend to continue renting in the next three years. When dividing up the two categories, however, the data indicated that 53 percent of renters in SFR properties intend to buy a house in the next three years compared to just 36 percent of multifamily renters who plan to buy in that period.
