New Single-Family Home Sales Rise

ByJohn S. McClenahen Sales of new one-family homes in the U.S. rose in August, the opposite direction from sales of existing single-family homes. New home sales last month were at a seasonally adjusted annual rate of 1.184 million, 9.4% higher than the revised July rate of 1.082 million, the U.S. Commerce Department and the U.S. Department of Housing and Urban Development reported on Sept. 27. The median sales price was $208,900 and the average sales price was $267,000. Sales of existing single-family homes declined 2.7% in August to a seasonally adjusted annual rate of 6.54 million units from 6.72 million in July, the Chicago-based National Association of Realtors (NAR) reported on Sept. 24. "We're at a more sustainable level now, but long-term there should be some additional easing toward the end of the year," says David Lereah, NAR's chief economist.