New Home Sales, which measures signed contracts on new homes, were up 1% in July, which was stronger than expectations. New Home Sales are at a 708,000 annualized pace, which is down on a year over year basis off tough comparison, but really not much lower than where we were pre-covid. Looking at inventory levels - There were 367,000 new home for sale, which is up 4% from the previous report, following at 7% gain. The Median home price was reported at $390,000, which is up 18% year over year and is in line with the median home price increase on Existing Home Sales. It speaks to the difficulties builders are having with putting up lower priced homes. Looking at the mix of sales, there are big increases on the number of sales on the higher end, dragging up the median home price.