The median sales price of new homes sold last month was $390,900, while the average sales price was $443,200.
On a seasonally adjusted basis, an estimated 378,000 new homes were available for sale at the end of August. This represents a supply of 6.1 months at the current sales rate, according to the report.
“Builders still have a robust backlog to get through, and the uptick this summer is a promising start to what may be a longer-term trend as supply chain issues begin to resolve,” Mangold said. “RCLCO expects home sales to remain strong overall because demographic factors continue to be favorable for the housing market as millennials hit peak family-formation years.
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“Lingering effects of the pandemic have increased demand for larger living spaces and access to the outdoors, and the additional flexibility to work remotely or to return to a hybrid work schedule has expanded the area where households are seeking to purchase a home as commute time becomes less of an issue,” she added.