Sales of newly built single-family homes jumped up 20.5% from July to August to a seasonally adjusted annual rate of 800,000, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The pace of new home sales was up 15.4% from August 2024.
The three-month moving average of new home sales was 713,000 in August, up from 656,000 in July.
“New home sales experienced a significant surge in August, while builder confidence held steady at a low reading in September,” National Association of Home Builders Chairman Buddy Hughes said in a statement. “While this month’s figure may be subject to downward revision, we do expect a general improvement in sales over the coming months, supported by the recent decline in mortgage rates.”
The median new home sale price was $413,500, a 1.9% increase from the same time last year.
Regionally, on a year-to-date basis, new home sales were down 22.0% in the Northeast, 3.9% in the Midwest and 7.3% in the West. New home sales were up 3.3% in the South.
Read the full report here.
