Market Updates
New Home Sales Soar 29% Unexpectedly In August
Brian Turner
27 Sep, 2022
New York City
Single-family new home sales in August rose unexpectedly, according to the latest report from the Commerce Department Tuesday.
Home sales soared 28.8% to 685,000 annual rate from the revised rate of 5.6% decline to 532,000 in July.
Home sales annual rate has been steadily declining since hitting the high of 839,000 in December 2021 and dropped to a low of 532,000 in July, matching the March 2016 data.
Median home price in August was $436,800, a decline of 6.3% from $466.300 but 8.0% higher from a year ago price of $404,300.
Last week, the National Association of Realtors said existing home sales declined for the seventh month in a row in August but the pace of decline eased to 0.4% to 4.8 million from the previous month fall of 5.7% to 4.82 million in July.
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