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New Home Sales Rise in August09-27-06 | News

New Home Sales Rise in August

WASHINGTON D.C. ?EUR??,,????'??+ Sales of new single-family homes in August were at a seasonally adjusted annual rate of 1.05 million, up 4.1 percent from July, according to the Commerce Department. The August 2006 rate is 17.4 percent below the August 2005 estimate of 1.271 million.

The median sales price of new houses sold in August 2006 was $237,000; the average sales price was $304,400. The seasonally adjusted estimate of new houses for sale at the end of August was 568,000. This represents a supply of 6.6 months at the current sales rate.

?EUR??,,????'??The bounce-back in new home sales certainly is a welcome development, although the reported increase was from a downward-revised July level that was the lowest reading since March 2003,?EUR??,,????'?? said NAHB Chief Economist David Seiders.

Three of four regions across the country posted increases in pace of new homes sales in August. Sales were up in the Northeast by 21.7 percent, in the Midwest by 12.2 percent and in the South by 11.1 percent. The sales rate in the West was down by 17.7 percent for the month. All four regions reported substantially lower sales on a year-to-date basis.