US New Home Sales Surge In July, Highest Annual Spike Since 1996

After June's continued resurgence in US home sales, July is expected to see a significant slowdown in that recovery, with new home sales expected to rise 1.8% MoM. Instead, new home sales soared a stunning 13.9% MoM. This means new home sales in the US rose 36.3% YoY - the most since 1996...

Source: Bloomberg

Driven by and 81.4% increase in Midwest New home sales, highest since Jan 1992

New Home Sales SAAR is 901k (against expectations of 790k), the most since Jan 2007...

Source: Bloomberg

Median new home price rose 7.2% y/y to $330,600; average selling price at $391,300

Is this more evidence of the mass exodus from cities?