The average price of a newly built US home in July was $313,700, up 6 per cent annualised, more expensive than they have ever been and at a record spread over a similar existing home (35-40 per cent). Unsurprisingly the volume of new homes sold last month dropped by 9.4 per cent as compared to June and the supply of new build inventory increased to the equivalent of 5.8 months’ worth of sales. Annualised a total of 571,000 new homes were sold, well below the 25-year mean of 727,000.
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