Market Updates
U.S. New Single-family House Sales Dropped In August
Brian Turner
25 Sep, 2024
Washington, D.C.
The sale of single-family houses in August declined 4.7% from the previous month to a seasonally adjusted annual rate of 716,000, the U.S. Census Bureau and the Department of Housing and Urban Development reported Wednesday.
The single-family house sale declined from July's revised rate of 751,000 but is 9.8% higher than the estimate of 652,00 in August of last year.
The new home supply decreased by 1.3% from a year ago and rose by 6.8% from the previous month to 7.8 months of supply at the current sales rate.
The median sales price of new houses sold in August 2024 was $420,600, and the average price was $492,700.
Single-family house sales in August declined from the previous month, driven by the decline in the West, Northeast, and Midwest but an increase in the South.
Home sales in the Northeast decreased 27.3% to 24,000, in the Midwest declined 5.8% to 81,000, in the West fell 17.8% to 152,000, but in the South rose 2.7% to 459,000.
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