New Home Sales Rise 3.5%, Up 12.7% Year-Over Year

The Census Bureau reported new home sales for August at a seasonally adjusted annual rate of 629,000 units. This was in line with expectations, but previous months were revised downward. The August numbers for new home sales indicated a month-over-month increase of 3.5% and a 12.7% increase above August of last year, a relatively easy comparison. Sales of new homes are up 6.9% year-to-date through August when compared to the same period last year. The median price of a new home contracted in August was $320,200, down about $8,000 from last month, but higher than [...]