Economic Buzz: US New Home Sales Improves By 28.8% In August

28 Sep 2022 , 08:49 AM

New home sales in the U.S. unexpectedly showed a substantial rebound in the month of August, according to a report released by the Commerce Department. The report showed new home sales skyrocketed by 28.8 percent to an annual rate of 685,000 in August after plunging by 8.6 percent to a revised rate of 532,000 in July. The sharp increase came after new home sales tumbled to their lowest annual rate since hitting 532,000 in March 2016. The report also showed the median sales price of new houses sold in August was $436,800, down 6.3 percent from $466,300 in July but up 8.0 percent from $404,300 in the same month a year ago. The estimate of new houses for sale at the end of August was 461,000, which represents 8.1 months of supply at the current sales rate. The months of supply is down from 10.4 in July but up from 6.5 a year ago.Powered by Commodity Insights