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New home sales dip 7.6% month over month in August

New single-family home sales were at a seasonally adjustedrate of 609,000 in August, down 7.6% from the revised July rate of 659,000, andup 20.6% from the August 2015 estimate of 505,000, according to the U.S. CensusBureau and the Department of Housing and Urban Development.

The average sale price of new houses in August was $353,600,and the median sale price was $284,000. At the end of the month, there wereapproximately 235,000 new houses for sale, seasonally adjusted, representing asupply of 4.6 months at the current rate.

In the Northeast, new home sales fell 34.3% from theprevious month, and 25.8% from August 2015. The West, on the other hand, saw an8.0% gain month over month and a 35.0% gain year over year. The Midwest saw a2.4% decrease month over month and a 39.7% increase year over year. The Southalso saw mixed results with a 12.3% decrease in new home sales from theprevious month and a 15.9% increase from August 2015.