US New Single-Family Home Sales Soar in August

On Wednesday, the US Census Bureau and the Department of Housing and Urban Development reported that new residential single-family home sales were at a seasonally adjusted annual rate (SAAR) of 800,000 in August, according to estimates. This is 20.5% above the July rate of 664,000 and 15.4% above the August 2024 estimate of 693,000.

The seasonally adjusted estimate of new houses for sale at the end of August was 490,000. This is 1.4% below the July estimate of 497,000 but 4.0% above the August 2024 figure of 471,000. This represents a supply of 7.4 months at the current sales rate, down 17.8% from July’s 9.0 months and 9.8% below the 8.2 months recorded in August 2024.

The median sales price of new houses sold in August was $413,500, up 4.7% from July’s $395,100 and 1.9% above August 2024’s $405,800. The average sales price was $534,100, an 11.7% increase from July’s $478,200 and 12.3% higher than $475,600 in August 2024.