New Home Sales Unchanged in August

By:
Kara Johnson | September 24, 2010

New home sales remained flat in August, with the seasonally adjusted rate unchanged from July, according to estimates released this morning by the Commerce Department. 

August new home sales were at an annual rate of 288,000 units, unchanged from July’s rate, which was revised upward from a previously reported 276,000. The August rate reflects an annual decline of 28.9 percent from the August 2009 rate of 405,000 units.
 
The median sales price for new homes was $204,700, down from $205,900 in July and was the lowest reported since December 2003. The highest median price ever reported in the survey was $262,600 in March 2007.
 
The report comes a day after the National Association of Realtors reported that existing home sales, which currently make up over 90 percent of the market, rose 7.6 percent in August following 27 percent decline in July. The July decline in new home sales was a more modest 8 percent, according to Commerce Department figures.
 
In actual, nonadjusted terms, the Commerce Department estimates that 25,000 new homes were sold in August, down from 27,000 in July. Most of the decline was in the $200,000-$300,000 price range, with sales in the lower ranges remaining steady.
 
The Commerce Department estimates there are 207,000 new homes presently for sale on the market, representing a 10.3 month supply at current sales levels. Of those, 81,000 are completed homes with 96,000 under construction and 30,000 not yet started.

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