According to a new report, there were more new homes sold in July 2016 than in nearly a decade. The 654,000 annual rate represents a 31 percent increase over July 2015.
just as important, builders have begun construction on new housing units at a pace greater than 1 million homes a year every month since April of 2015. This more than doubles the low of 478,000 units in the spring of 2009.
Interestingly, the median sale price for new homes declined from $310,500 to $294,6000 in June. Analysts believe this is because more homes are being built at the lower end of the housing market which is certainly good news for young adults looking to purchase their first home.