Industry News

New-home sales rise, prices moderate

Supply of new homes reaches highest level this year

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Sales of new, single-family homes were up about 6.2 percent from August 2004 to August 2005, while the median sales price increased 1 percent, the U.S. Census Bureau and the Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of sales was 1,237,000 in August, or about 9.9 percent below the revised July rate of 1,373,000. The seasonally adjusted annual rate projects a monthly sales total over a 12-month period, accounting for seasonal fluctuations in sales. The median sales price of new houses sold in August 2005 was $220,300; the average sales price was $283,400, or 4.1 percent above the average sales price in August 2004. The seasonally adjusted estimate of new houses for sale at the end of August was 479,000. This represents a supply of 4.7 months at the current sales rate. Regionally, the seasonally adjusted annual rate of new houses sold and for sale increased about 16.4 percent in the Northeast, 13.1 percent in the South, 3.8 perc...