Real Estate

Sales of newly built homes surge 36% in July


Daniel Acker | Bloomberg | Getty Images

Sales of newly built homes soared across the nation in July, as pent-up demand from the shutdown spring market, urban flight and a new desire for more work-at-home space fueled the growth.

As measured by signed contracts, new home sales jumped 13.9% compared with June and were a remarkable 36.3% higher annually, according to the U.S. Census. June’s reading was also revised higher. This is the strongest one-month pace since 2006.

This is the third consecutive month of sizable sales gains, after sales dropped dramatically in March and April, due to the onset of the coronavirus pandemic

Strong demand sucked up the inventory of newly built homes for…


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