New home sales decreased in August

New single-family home sales decreased to a seasonally adjusted annual rate of 675,000 in August, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The August reading was 8.7% below the revised July rate of 739,000 and is 5.8% above the August 2022 estimate of 638,000.

The decline in new home sales was driven by decreases in the South, West, and Midwest, which decreased 7.5%, 9.4%, and 17.2% for the month, respectively. Sales increased in the Northeast by 6.7%.

The median sales price of new houses sold in August was $430,300, down 1.4% from July. The average sales price was $514,000, up 1.2% for the month.

At the end of August, the seasonally adjusted estimated supply of new houses for sale at the current sales rate increased from 7 months to 7.8 months.

Read the Census/HUD release.