U.S. New Home Sales Surge 28.8% in August
Abstract
The numbers: U.S. new home sales surged 28.8% to a seasonally-adjusted annual rate of 685,000 in August, from a revised 532,000 in the prior month, the Commerce Department reported Tuesday. That's the second-biggest jump on record for new home sales. The sales of new homes are still below a peak of 1.04 million in August 2020. Year-over-year, new home sales are still down by 0.1%. New home sales fell a revised 8.6% to 532,000 in July, compared with the initial estimate of a 12.6% drop to 511,000. Key details: The median sales price of new homes sold in August was $436,800, down from the record $458,200 in April. The supply of new homes for sale dropped by 22.1% between July and August, equating to a 8.1-month supply. Regionally, sales of new homes rose in all regions, led by the Northeast which saw a 66.7% surge in sales.
