Steel Markets
September 26, 2013
New Home Sales Up by 7.9%
Written by Sandy Williams
New home sales rose by 7.9 percent in August to a seasonally adjusted rate of 421,000 from the revised July rate of 390,000 (from an earlier estimate of 394,000) according to the U.S Census Bureau and the Department of Housing and Urban Development. Sales were slightly below expectations of 425,000 for August, showing weakness compared to the first half of 2013.
The median sales price of new homes in August was $254,600 and the average sales price was $318,900. At the end of August the seasonally adjusted estimate of new houses for sale stood at 175,009—a five month supply at current sales rates. Housing prices are up more than 12 percent from pricing in August 2012.
