New-home prices make a record jump, but sales slip

LOS ANGELES — The median price of new single-family homes sold soared 11.2 percent in August from July, a new record, according to government data.

The gauge hit $256,900 last month, the highest level in more than five years. Its year-over-year surge of 17 percent was the biggest in eight years, according to the Commerce Department.

Homebuyers picked up more properties that were higher-priced; less-expensive homes had a more lackluster month. Sales ticked up in every region across the country except the South.

But total sales dipped slightly, down 0.3 percent from July to a seasonally-adjusted annual rate of 373,000. Economists consider a rate of 700,000 to be healthy.

Still, sales last month advanced 27.7 percent from the same month last year.


Reader Reaction
We reserve the right to remove any content at any time from this Community, including without limitation. Please check our Community Rules for more information. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or fill out this form. New comments are only accepted for two weeks from the date of publication.
Ads by Google
loading...
COUPON OF THE WEEK