New homes sales rose a mere 1% in July after a string of declines. New home prices are soaring to record levels. Sales fell April, May, and June as builders faced surging lumber prices and a shortage of workers. The median price of a new home sold in July was $390,500, up over 18% from one year earlier. The average sales price also hit a new record, up more than 17% from a year ago. Even with the modest increase in sales in July, new home sales are 27.2% below the pace of a year ago.
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