US: New House Sales Soar to 713,000 in August

Published September 26th, 2019 - 09:18 GMT
The 713,000 figure marked the second-largest sales month of the year.
The 713,000 figure marked the second-largest sales month of the year. (Shutterstock)
Sales of new single-family homes in the United States for the month of August rose more than 7 percent to 713,000, government figures showed Wednesday.

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The Commerce Department report said the number is an increase over 666,000 new sales for July. The median sales price was $328,400 while the average price was $404,200.

The department said the seasonally-adjusted estimate of a new house for sale by the end of August was 326,000, projecting a supply of 5.5 months.

RDQ Economics said Wednesday the numbers showed buyers are gravitating toward lower mortgage rates.

"We expect residential investment will add to third-quarter real (gross domestic product) growth following six consecutive quarterly contractions," the firm said in a client note.

The 713,000 figure marked the second-largest sales month of the year, behind the 729,000 in June. The South recorded the most sales, at 426,000. The West saw the second-most, with 191,000.


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