New Home Sales, which measures signed contracts on new homes, rose 4.4% in July to a 714,000 unit annualized pace, which was better than expected and 1k away from the best number in 15 months. Sales are now up almost 32% year over year. There were 437,000 new homes for sale at the end of June, and at the current pace of sales, there is a 7.3 months’ supply, which down from 7.4%. However, only 75,000 are completed, and when looking at the pace of sales vs homes that are completed (available supply), there is only a 1.3 months’ supply. There is a lot of demand for new homes, as builders are selling air. 164,000 of the homes sold were not even started. The median home price was reported at $436,700, which is down 9% year over year. But remember, this can be skewed due to the mix of sales. Actual appreciation reports are showing that home prices are setting new all-time highs in most reports. What was not reported on CNBCS was that month to month, the median home price rose 5%.