Report: August New Home Sales Drop

WASHINGTON D.C. ?EUR??,,????'??+ Sales of new single-family homes in August were at a seasonally adjusted annual rate of 1.237 million, according to a report released Tuesday by the Department of Housing and Urban Development and the U.S. Census Bureau.

August?EUR??,,????'???s figure is 9.9 percent below the revised July rate of 1.373 million, but is 6.2 percent above the August 2004 estimate of 1.165 million.

?EUR??,,????'??Home builders continue to see solid demand for new homes,?EUR??,,????'?? said David Wilson president of the National Association of Home Builders (NAHB). ?EUR??,,????'??Our Housing Market Index survey of builders held in a positive range through August as builders reported near-record levels of home sales and maintained a positive view of future sales as well.?EUR??,,????'??

The median sales price of new houses sold in August was $220,300; the average sales price was $283,400. The seasonally adjusted estimate of new houses for sale at the end of August was 479,000. This represents a supply of 4.7 months at the current sales rate.

All four regions across the country posted decreased sales in August, with two regions, the Northeast and the West, experiencing the most flux during the past two months. Sales in the Northeast were down 22.0 percent, following a 13.6 jump the month before while the West dipped 17.9 percent following an almost 23 percent surge in July. Sales in the South were down 2.2 percent and Midwest dropped 10.6 percent for the month.

Total New Houses Sold During Period: 1,237,000

• Percent change from last month: -9.9
• Percent change from last year: +6.2

New Houses Sold During Period By Construction Stage?EUR??,,????'??+Survey:

• Total sold: 106,000
• Homes sold but not started: 44,000
• Homes sold and under construction: 36,000
• Homes sold and completed: 26,000

Total: 106,000

(Percentages may not add up to 100 due to rounding)