New single-family home sales churned at the fastest clip in six years during the month of August, and saw the biggest month-over-month jump since January 1992.
The seasonally-adjusted reading came in at a total of 504,000 sales, up 18 percent over July’s 427,000 and 33 percent above August 2013’s 379,000.
“Growth in new home sales is largely driven by a strengthening economy; this boost suggests more families are entering the market looking for new homes, instead of opting for more affordable existing units,” said Bill Banfield, vice president of Quicken Loans.
The median sales price for new homes sold in August was $275,600, while the average sales price was $347,900, HousingWire reported. The seasonally-adjusted estimate of the number of new houses for sale at August was 203,000 nationwide.
In the Northeast, the number of new home sales actually declined, falling 3.1 percent from the same period last year. [HousingWire] — Julie Strickland