New Home Surge to a 13-Year High With the Midwest Leading the Way

New home sales surged in July on top of a big upward revision in June.

New Home Sales Jump to 901,000 SAAR

The Commerce Department's New Residential Sales Report shows sales of new single-family houses in July 2020 were at a seasonally adjusted annual rate of 901,000.

Surge Led By the Midwest

The Midwest region led the way with and amazing 58.8% jump.  Year over-year, the Midwest is up 81.4%. 

By Region Month-Over Month Sales in Thousands SAAR

• US: 901
• Northeast: 40
• Midwest: 127
• South: 513
• West: 221

By Region Month-Over Month Percentages

• US: +13.9%
• Northeast: -23.1%
• Midwest: +58.8%
• South: +13.0%
• West: +7.8%

By Region Year-Over Year Percentages

• US: +36.3%
• Northeast: +25.0%
• Midwest: +81.4%
• South: +27.6%
• West: +40.8%

I suspect Seasonal Adjustments went haywire but amazingly cheap money from the Fed sure helped, assuming you have a job.