August New Homes Sales Trend 27.7 Percent Over 2011 Rate

New home prices hit highest levels in five years.

New U.S. single-family home sales dipped slightly in August from July but continued to hover near their highest levels in two years. Another indicator that the housing market is recovering is that new home prices in August hit their highest levels in five years.

Sales of new single-family houses in August 2012 were at a seasonally adjusted annual rate of 373,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.3 percent (±9.3%)* below the revised July rate of 374,000, but is 27.7 percent (±18.8%) above the August 2011 estimate of 292,000.

The median sales price of new houses sold in August 2012 was $256,900; the average sales price was $295,300. The seasonally adjusted estimate of new houses for sale at the end of August was 141,000. This represents a supply of 4.5 months at the current sales rate.