The non-seasonally adjusted rate of sales in August was 35,000 compared to a revised estimate of 34,000 in July and 31,000 in August of last year.
The median price of a new home sold in August was $254,600 compared to $253,200 in August 2012 and the lowest median price reported since October of last year. The average sales price was $318,900, up from $305,500 a year earlier and the highest average price since April’s $337,000.
There are an estimated 175,000 new homes currently for sale compared to 143,000 in August of last year. At the current pace of sales this is estimated to be a 5.0 month supply.
New home sales in the Northeast were 8.8 percent above sales in July and 27.6 percent higher than one year earlier. In the Midwest sales were up for the two periods by 19.6 percent and 15.1 percent respectively. Sales in the South increased by 15.3 percent month-over-month and 28.2 percent since last year. However sales in the West were down 14.6 percent from July and 21.2 percent from the same month in 2012.
SOURCE: www.mortgagenewsdaily.com
