Report: Inventory, sales of new homes show slight increase in July

There are understandable concerns from homebuyers about inventory and sky-high prices, but there might have been recent some encouraging news to help alleviate those worries.

In August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced that sales of new home single-family homes exceeded expectations, with 708,000 new houses sold.

According to the Wall Street Journal, economists forecasted around 700,000 new homes to be sold.

But even better was that the report from the Census Bureau and Department of Housing and Urban Development said that the number of new-construction homes available to be bought were up, as well.

The report said 367,000 new homes were up for sale at the end of July, compared to 348,000 in June.

In the grand scheme of things, that seems like a modest gain -- and there still is a long way to go for the market that’s overwhelmingly in favor of sellers to be corrected.

However, any bit of sign that more homes are available, which could help lower prices, is a good sight for buyers at the moment.

Builders were still able to create inventory in July, despite the fact they are still dealing with challenges, such as shortages in labor and materials, which backlogged some projects, according to the Wall Street Journal.

If there was some more negative news for buyers, it’s that median sales prices are continung to rise.

The median sales price of new homes for sale in July was $390,500, which was up from the $370,200 median sales price in June.

In July 2020, the median sales price for new homes was $329,800, according to the report.

The report on August sales will come out in late September, which could indicate whether the increased inventory of new homes is a sign of a trend to come, or an aberration.

Be sure to check out episode two of “Solutionaries,” which will focus on affordable housing, at 8 p.m. Sept. 20. This solutions-based digital newscast is designed for you to watch any time you want. You can find the show at: SolutionariesNetwork.com or on YouTube.