Industry News

New-home sales, prices rise in August

Figures down slightly from last year

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New-home sales increased about 9.4 percent from July to August, but are down 0.4 percent from August 2003, the U.S. Census Bureau and U.S. Department of Housing and Urban Development reported today. Those percentages carry error margins of 12.3 percent and 11.4 percent, respectively. Sales of new single-family homes reached a seasonally adjusted annual rate of 1.18 million in August. The seasonally adjusted annual rate projects the sales volume for a single month over a 12-month period. The median sales price of new homes sold in August 2004 was $208,900 and the average sales price was $267,000. In July, the median sales prices of new single-family houses sold was $207,400 and the average price was $274,200. The seasonally adjusted estimate for new houses for sale at the end of August was 404,000, which represents a supply of 4.2 months at the current sales rate. In August 2003, there were 344,000 homes for sale at the end of the month, which represented a 3.5-month supply. A sup...