Despite record unemployment, July sales of new homes in the US have hit the highest rate in nearly fourteen years.<br />Sales jumped the most in the Midwest, soaring 58.8% to 127,000 units. Home sales shrank in the Northeast by 23.1% to 40,000 units.<br />The price for homes is higher, too. According to Markets Insider, median sales price gained 7.2% to $330,600 from the year-ago period.<br />The summer boom was propelled mainly by record low interest rates and a lack of listings for existing homes.<br />However, Oxford Economics says the pace is likely unsustainable.<br />While strong demand and lower mortgage rates are supportive of further growth in sales, the slow recovery and weak labor market pose downside risks. Oxford Economics
