New U.S. Home Sales Up in August

Sales of new single family houses in August 2014 were 504,000 at a seasonally adjusted annual rate, up 18.0 percent from July’s revised rate and up 33.0 percent from August 2013.

Palm Coast, FL – September 24, 2014 –  The Commerce Department announced today that sales of new single-family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 18.0% (±16.3%) above the revised July rate of 427,000 and is 33.0% (±21.7%) above the August 2013 estimate of 379,000.

The median sales price of new houses sold in August 2014 was $275,600; the average sales price was $347,900. The seasonally adjusted estimate of new houses for sale at the end of August was 203,000. This represents a supply of 4.8 months at the current sales rate.

The announcement follows closely news that existing-home sales have slowed while builder confidence levels have reached the highest level since November 2008.