The rate of new-home sales in August held at the record-low rate set in July, the U.S. Department of Housing and Urban Development and Census Bureau announced today.

The seasonally adjusted annual rate of new-home sales was estimated at 288,000 in August, down an estimated 28.9 percent from August 2009 and level with a historic low dating back over 40 years.

The rate of new-home sales in August held at the record-low rate set in July, the U.S. Department of Housing and Urban Development and Census Bureau announced today.

The seasonally adjusted annual rate of new-home sales was estimated at 288,000 in August, down an estimated 28.9 percent from August 2009 and level with a historic low dating back over 40 years.

The median sales price of new homes sold in August dropped 1.2 percent compared to August 2009, to $204,700, while the average price fell 3.5 percent, to $248,800, the agencies reported. The median and average price of new homes has fallen for the past three months.

Regionally, the rate of new-home sales plunged an estimated 38.2 percent in the Midwest, 33.6 percent in the West, 28.2 percent in the South and 5.4 percent in the Northeast year-over-year in August.

The months’ supply of new homes for sale grew an estimated 10.3 percent year-over-year in August, to 8.6 months. A supply of six months is considered a rough equilibrium between a buyer’s market and a seller’s market.

The rate of existing-home sales, too, has been near record lows, the National Association of Realtors reported Thursday. Despite climbing 7.6 percent in August compared to July, sales of resale homes were still near the July record low, which dates back at least 15 years.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×