?EUR??,,????'??Today?EUR??,,????'???s report shows that the supply-demand imbalance in the single-family housing market still is quite serious, and the imbalance clearly is putting downward pressure on home prices,?EUR??,,????'?? said NAHB Chief Economist David Seiders.

The median price of news homes sold in August was $225,700, 7.5 percent below a year earlier, the Commerce Department reported.

The inventory of new homes for sale edged down 1.5 percent to 529,000 in August as builders slowed construction and worked to sell off their inventory. But the equivalent months?EUR??,,????'??? supply at the August sales pace increased to 8.2 months, up from 7.6 months in July, because of the slower August sales pace.

Completed homes for sale were 34 percent of the inventory, while units still under construction represented almost 50 percent of the inventory and units for-sale that were permitted but not yet started represented 16 percent of the inventory level.

The median length of time that completed homes were on the market was 5.9 months in August, down slightly from six months in July.