New Home Sales Rose 3.5 percent in August

New single-family home sales increased to a seasonally adjusted annual rate of 629,000 in August, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The August level was 3.5 percent above the revised July rate of 608,000 and 12.7 percent above the August 2017 estimate.

Sales increased 47.8 percent in the Northeast, 2.7 percent in the Midwest, and 9.1 percent in the West. The South saw a 1.7 percent decline.

The median price of a new home was $320,200, down 2.4 percent from July. The average price was $388,400.

At the end of August, the seasonally adjusted estimated supply at the current sales rate decreased from 6.2 months to 6.1.

Read the Census/HUD release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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