Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

Millennials were once referred to as the “renter generation” because of their preference for apartment living in urban areas over purchasing a home in the suburbs like their Baby Boomer parents.

A recent NAHB survey shows that regulatory costs imposed by the government account for $93,870 (or 23.8%) of the current price of new homes.

The number of buyers who locked in mortgage rates for second homes spiked to 178% year over year in April, according to a report from Redfin.