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New Home Sales Explode in the Midwest, Boosting National Numbers

Posted To: MND NewsWire

New home sales were expected to dip slightly in July after posting 13.8 percent growth in June and setting a 13-year high. Instead, the June sales were revised upward, from 776,000 to 791,000, bringing that month’s increase to 15.1 percent and July still managed a 13.9 percent gain. Last month’s sales were at a seasonally adjusted annual rate of 901,000 units, the fourth consecutive month-over-month increase. The month’s sales of newly constructed homes were up 36.4 percent from the seasonally adjusted rate of 661,000 units during the same month in 2019. Analysts polled by Econoday had expected sales to be in the range of 735,000 to 800,000. The consensus was for sales to be essentially unchanged from June at 774,000. The U.S. Census Bureau and the Department of Housing and Urban Development…(read more)

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