By Manuel Gutierrez, Consulting Economist to NKBA

 

Sales of new single-family homes jumped 29 percent in August vs. July

  • Sales volume for August was on par with a year ago but continued its downward trajectory for the year.
  • The number of new homes sold year-to-date is the lowest in four years.
  • Home sales hit a 12-year peak in August 2020, when their annual run-rate topped one million.
  • The two largest regions registered new home sales gains in August vs July: The South increased 29 percent; the West, 27 percent.
  • Home sales in the Northeast ballooned 67 percent for August, but represent just 4 percent of total national sales.
  • The median and average sales price of new homes fell 6.3 percent in August from July.