Raleigh, NC Figures for New Home Sales Rise Year-Over-Year

Sales of new homes increased year-over-year in July in the Raleigh, NC market, on an upswing after a decline in June 2011. New home sales saw a jump of 15.3% from the year earlier to 332 after sales dropped 38.2% last month from the year earlier.In the 12 months ending July 2011, there were 3,949 new home sales, up from an annualized 3,905 in June. Of 1,278 total sales, 332 were of new homes. This is a rise from 20.7% of sales a year earlier. Sales of new and existing homes declined year-over-year in July after also falling last month year-over-year. Average price of newly sold homes had a 7.9% rise year-over-year to $295,181 per unit in July. This is a reversal from the 1.9% decline last month from a year earlier.