U.S. Commerce Department announced on Friday that the sales of new
single-family homes rose 1.5 percent m-o-m to a seasonally adjusted annual rate
of 740,000 units in August. This was the highest reading since April.
Economists had forecast the sales pace of 714,000 last month.
July’s sales pace was revised up to 729,000 units from the originally reported 708,000 units.
According to the report, new home sales in the South, the largest area, increased 6.0 percent m-o-m in August, while those in the Northeast surged 26.1 percent m-o-m and in the West rose 1.4 percent m-o-m. In the meantime, new home sales in the Midwest plunged 31.1 percent m-o-m.
The report also showed that median sales price climbed 20.1 percent y-o-y to $390,900.
In y-o-y terms, new home sales were down 24.3 percent in August.
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