New single-family home sales surge 18 percent in August

Seasonally adjusted annual rate of 504,000 is 33 percent above August 2013.

Sales of new single-family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 18.0 percent (±16.3%) above the revised July rate of 427,000 and is 33.0 percent (±21.7%) above the August 2013 estimate of 379,000.

The median sales price of new houses sold in August 2014 was $275,600; the average sales price was $347,900. The seasonally adjusted estimate of new houses for sale at the end of August was 203,000. This represents a supply of 4.8 months at the current sales rate.

New Residential Sales data for September 2014 will be released on Friday, October 24, 2014, at 10:00 A.M. EDT