New Data Shows Home Sales Up In August
Posted by Leo Clark. on Wednesday, September 15th, 2021 at 2:58pm.
Newly released figures show new home sales up for the month of August. The data comes from new reports credited to the Department of Housing and Urban Development and the US Census Bureau.
On a monthly basis in August, new home sales were up more than one-percent over July’s revised rate of 729,000. For August of this year, sales of new single-family homes were at an annual, seasonally adjusted rate of 740,000. Still, when comparing year-over-year, the August 2021 rate of new home sales was more than 24-percent below the estimate of 977,000 for August 2020.
The new report puts the median sales price of new homes sold this past August to just over $390,000. In comparison, the average sales price for the same time period was more than $443,000.
The figure was seasonally adjusted at 378,000 when looking at the estimate of new homes for sale at the end of the month. At the current sales rate, that’s a supply of a little over six months.
Some experts say demand remains strong for new homes. Without enough existing homes for sale across the nation to meet that demand, it could mean more new construction.
Still, current labor shortages, the rising cost of housing materials and supply-chain disruptions could all take a toll. The new home sales report for September 2021 should be released in late October.