New home sales drop in August

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New single-family home sales dropped in August from an unusually-high number of sales in July, but still recorded an increase from last year.

Sales of new homes fell 4.4 percent in August, held back by the worst drop in the South in three years. Nationally, homes sold at a seasonally adjusted annual rate of 838,000, the lowest monthly.

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New U.S. single-family home sales unexpectedly fell in July, dropping to their lowest in seven months amid a surge in prices, raising concerns of a slowdown in the housing market recovery.

New home sales, which account for 9.4 percent of overall housing sales, are volatile month-to-month and are drawn from building permits. Still, sales declined 8.9 percent on a year-on-year basis, the first annual drop since February 2016. July’s sales pace was below the second-quarter average of 613,000 units.

The median price of a new home dropped to $323,000, down 4.1 percent from $336,700 in December.

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The Commerce Department said new home sales dropped 7.8 percent to a seasonally adjusted annual rate of 593,000 units last month, the lowest level since August 2017.

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By Lydia DePillis August 28, 2018: 2:00 PM ET. The slow growth of new housing stock has driven up home prices quickly, Existing home sales. Low inventory and high prices have slowed down the entire housing market, which is mostly.

New home sales plunged in September, falling 5.5 percent to an almost two-year amid pressures for rising interest rates that have hammered the real estate market. The Commerce Department reported that sales for the month came in at 553,000 on seasonally adjusted basis.

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San Diego County home. affect sales. trulia research shows 26.4 percent of listings in the San Diego metropolitan area had at least one price reduction in August, the most of the 100 metros studied.

 · New home sales recovered more than expected in August, following two consecutive months of decline. Enhanced consumer confidence based on healthy job market conditions and a.

 · The inventory of new homes for sale rose to 336,000 in October. The median sales price fell 3.6 percent to $309,700, as the market is shifting to townhomes and other lower-cost houses. Looking at the regional numbers on a year-to-date basis, new home sales rose 6.3 percent in the Midwest, 4.1 percent in the West, and 3.8 percent in the South.