The Census Bureau also reported that the median sales price for new homes sold in July was $224,200 and the average sales price was $263,200. In June, the median sales price for a new house was $232,600 and the average sales price was $273,900.
At the end of July the number of new homes for sale totaled 142,000, a supply of 4.6 months, matching the number posted in May for the lowest inventory in the past 12 months.
The Mortgage Bankers Association reported yesterday that mortgage applications for purchases rose by nearly 1% last week. The average contract interest rate for a 30-year fixed rate conforming mortgage also rose to 3.86% last week.
Paul Ausick
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