New Home Sales Rose 5.7 Percent in August

Sales of new single-family homes rose in August to a seasonally adjusted annual rate of 552,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The August rate is 5.7 percent above the upwardly revised July rate of 522,000 and 21.6 percent above the year-ago rate of 454,000.

New home sales grew month-over-month in three of the four regions, rising 24.1 percent in the Northeast, 7.4 percent in the South, and 5.4 percent in the West, while sales fell 9.1 percent in the Midwest.

The median sales price of new houses sold in August was $292,700, up $1,600 from July and considerably higher than the median existing home price of $228,700. The average sales price for a new house was $353,400, up 2.5 percent on the month.

At the end of August, there was an estimated supply of 4.7 months at the current sales rate, virtually the same supply as existing homes.

Read the release.