New home sales jumped 7.1% month-over-month in August to a seasonally adjusted annual rate of 713,000, according to the U.S. Census Bureau. Sales are up 18% compared with August 2018.
“With job growth continuing and lower interest rates in place, builders report rising confidence levels, and this is reflected in today’s solid sales report,” National Association of Home Builders Chairman Greg Ugalde said in a statement.
The median price of new homes grew 2.2% compared with August 2018 to $328,400, according to CNBC. The average sales price was $404,200.
Regionally, sales increased 16.5% in the West and 6.0% in the South compared with July. The Northeast and Midwest declined 5.9% and 3.0%, respectively.
The seasonally adjusted estimate of new homes for sale was 326,000 at the end of August, representing a 5.5-month supply at the current sales rate.
The full report can be found here.
