Following steep declines earlier in the Summer, new-home sales had a big rebound per new numbers out from the U.S. Census Bureau.
The numbers show 685,000 units were sold last month, representing a 28.8 percent increase from July 2022. Year-over-year, sales were down 0.1 percent down from August 2021.
The median sales price of new houses sold in August 2022 was $436,800. The average sales price was $521,800.
The seasonally‐adjusted estimate of new houses for sale at the end of last month was 461,000. This represents a supply of 8.1 months at the current sales rate.