New Home Sales Rise In August

Sales of new single-family homes were at a seasonally adjusted annual rate of 1.05 million in August, 4.1% above the revised July rate of 1.009 million, the U.S. Commerce Department and the U.S. Department of Housing and Urban Development reported on September 27.

August's new home sales rate was 17.4% below the August 2005 rate of 1.217 million. The median sales price of $237,000 in August of this year was $800 above the July median sales price of $236,200. The average sales price of $304,400 in August was $10,200 below July's average of $314,200.

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