New home sales slide 3.4 percent in August
Lack of inventory clamps down new home market activity.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for August 2017:
New Home Sales
Sales of new single-family houses in August 2017 were at a seasonally adjusted annual rate of 560,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 3.4 percent (±13.0 percent)* below the revised July rate of 580,000 and is 1.2 percent (±18.5 percent)* below the August 2016 estimate of 567,000.
Sales Price
The median sales price of new houses sold in August 2017 was $300,200. The average sales price was $368,100.
For Sale Inventory and Months’ Supply
The seasonally-adjusted estimate of new houses for sale at the end of August was 284,000. This represents a supply of 6.1 months at the current sales rate.
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