Market Updates
New Home Sales Declined at Fastest Pace In 11 Months In August
Brian Turner
26 Sep, 2023
New York City
New single-family home sales declined 8.7% to a seasonally adjusted annualized rate of 675,000 in August, the Commerce Department reported today.
Home sales fell the most in 11 months from the upwardly revised 8% jump in the previous month.
The median price of new home sold was $430,300 and the average sales price was $514,000, lower than $440,300 and $530,800 respectively, a year ago.
Sales plunged in the Midwest by 17.2% to 77,000, the West by 9.4% to 183,000 and the South by 7.5% to 383,000 but rose in the Northeast by 6.7% to 32,000.
On an annual basis, new home sales rose 5.8% across the nation, jumped 18.5% in the Northeast, advanced 24.2% in the Midwest, soared 44.1% in the West but declined 9.2% in the South.
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