Wednesday, September 24, 2014

New Home Sales Jumped in August

New home sales jumped in August to an annual pace of 504,000 units, driven largely by gains in the West region. August’s report, on net, revised previous months by 18,000 units. August’s pace was an 18.0% improvement from July’s and a 33% gain from year ago levels.

Three of the four regions saw their annual pace improve. Only the Midwest saw no growth at 0.0%, but it had the strongest growth the month prior. The West, Northeast and South respectively grew 50.0%, 29.2% and 7.8%.

The surge in sales caused a tightening of new-home inventory. The months supply declined from 5.6 to 4.8. The median prices of a new home in August was $275,000, a decrease of 1.6% from the month prior. However, median home prices are still 7.9% above year ago levels.

Read the Census report.

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