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New Home Sales In U.S. Hit 7 Year High In August-Sales Slip In Midwest

New home sales in the U.S. in August sold at the highest annual rate since February of 2008, according to a report just released by the U.S. Commerce Department.  New homes sold in August at a seasonally-adjusted, annual-rate, of 552,000 homes, an increase of  5.7 percent from the month before an an increase of 21.6 percent from August 2014 when new homes sold at an annual rate of 454,000 homes.

Midwest New Home Sales Not Keeping Pace

Here in the midwest region, new homes sold in August at a seasonally-adjusted, annual-rate, of 60,000 homes, a decline of 9.1 percent from July but was an increase of 15.4 percent from August 2014 when new homes sold in the Midwest region at a rate of 52,000 homes per year.

The new home supply in the United States decreased in August 4.1 percent to 4.7 months from a 4.9 month supply the month before and declined 13.0 percent from Augsut 2014 when there was a 5.4 month supply.

New home prices remained about the same in August at a median price of $292,700 up slightly from $291,100 the month before and was $500 higher than a year ago when the median price of new homes sold in the U.S. was $291.700.

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