New Home Sales Unexpectedly Fall -0.3% To 373K

For sale, house, real estate

Photo: Flickr / ayearineurope

This month’s new home sales number came in weaker than expected, down -0.3 per cent from last month to an annualized rate of 373K units.Last month’s annualized rate of new home sales was revised up to 374K from 372K.

The 373K annualized rate this month represents an increase of 27.7 per cent (±18.8%) over last year’s August new home sales estimate of 292,000, according to the release.

More from the release:

The median sales price of new houses sold in August 2012 was $256,900; the average sales price was $295,300. The seasonally adjusted estimate of new houses for sale at the end of August was 141,000. This represents a supply of 4.5 months at the current sales rate.

That’s the highest median sales price since 2007.

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