New home sales leap to highest in nearly 14 years as market thrives on low mortgage rates

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US new home sales soared 13.9 in July to a seasonally adjusted annual rate of 901,000 units, the highest level since December 2006, according to a Tuesday release from the US Census Bureau.

The median sales price jumped 7.2 from the year-ago period to 330,600.

Sales spiked by 58.8 in the Midwest and shrank by 23.1 in the Northeast.

The nation's housing market has been bolstered in recent months by record-low borrowing costs and strong construction activity.

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Sales of new homes in the US soared to their highest level since December 2006 in July as Americans took advantage of historically low interest rates.

Single-family home sales leaped 13.9 to a seasonally adjusted annual rate of 901,000 units, according to data released by the US Census Bureau on Tuesday. Median sales price gained 7.2 to 330,600 from the year-ago period.See the rest of the story at Business InsiderNOW WATCH: July 15 is Tax Day here's what it's like to do your own taxes for the very first timeSee Also:US consumer confidence drops for 2nd straight month as virus cuts deeper into spending and hiringHow a small-business software company became one of the most accurate forecasters of the pandemic recessionUS service sector expands for first time in 2020 on improved consumer spending, IHS Markit says

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