New home sales rose 4.1% from July to August on a seasonally adjusted basis, according to figures released Wednesday by the Commerce Department. The seasonally adjusted rate of 1,050,000 homes is still 17.4% below August 2005.
A one month upturn is not enough to indicate that the market has bottomed, but even a short term upward correction of 4.1% indicates that there is strength left in the new home market.
NEW RESIDENTIAL SALES IN AUGUST 2006
Sales of new one-family houses in August 2006 were at a seasonally adjusted annual rate of 1,050,000, according
to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban
*
Development. This is 4.1 percent (±15.5%) above the revised July rate of 1,009,000, but is 17.4 percent
(±11.0%)below the August 2005 estimate of 1,271,000.
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.
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