New Home Sales Increase 4.8% in August

The U.S. Census Bureau reported that the sales of new single-family houses in August 2020 were at a seasonally adjusted annual rate of 1,011,000. This is 4.8% above the revised July rate of 965,000 and is 43.2% above the August 2019 estimate of 706,000. The seasonally-adjusted estimate of new houses for sale at the end of August was 282,000. This represents a supply of 3.3 months at the current sales rate. The median sales price of new houses sold in August 2020 was $312,800. The average sales price was $369,000.