Sales of new single-family houses in August 2012 were at a seasonally adjusted annual rate of 373,000, according to figures released Wednesday by the U.S. Department of Commerce. The latest figures are 0.3 percent below the revised July rate of 374,000, but is 27.7 percent above the August 2011 estimate of 292,000.
Sales of new single-family houses in August 2012 were at a seasonally adjusted annual rate of 373,000, according to figures released Wednesday by the U.S. Department of Commerce. The latest figures are 0.3 percent below the revised July rate of 374,000, but is 27.7 percent above the August 2011 estimate of 292,000.
The median sales price of new houses sold in August 2012 was $256,900, while the average sales price was $295,300. The seasonally adjusted estimate of new houses for sale at the end of August was 141,000, representing a supply of 4.5 months at the current sales rate.
"New-home sales in August effectively tied the pace they set in the previous month, when they were the strongest we've seen in more than two years-so this is really a continuation of the good news we've been getting on the housing front," said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. "Looking at the big picture, sales have been trending gradually upward since the middle of last year as favorable interest rates and prices have driven more consumers to get back in the market for a newly built home."
"This latest report indicates that new-home sales continue to run at a steady pace that's well ahead of what we were seeing this time last year, and at this rate, the third quarter of 2012 is going to be well ahead of the second quarter," said NAHB Chief Economist David Crowe. "That said, the razor-thin inventory of new homes for sale is very concerning because it indicates that builders aren't able to access the credit they need to build new homes as demand for them improves."