New Construction Home Sales in August Higher Than Expected

Posted by John Sabia on Monday, September 28th, 2015 at 9:41am.

Sales for new construction homes for sale and condominiums for sale were up 5.7 percent in August per newly released figures by the US Census Bureau and the Department of Housing and Urban Development (HUD). The positive growth marks the fastest pace for sale in 7 years and puts sales for new construction 21.6 percent last year’s figures.

The rebound is uplifting news considering sales were down in June. In the August report, estimates for sales in July were revised upward after initially being reported as a 5.4 percent increase, which surpassed economist’s predictions for the month.

Sales for new construction homes are an important signal indicating a healthy real estate market and the overall condition of the economy. Stronger sales signal a strengthening economy and a stable job market. As the stronger sales can be somewhat associated with job market gains, historically low mortgage interest rates also played an important part.

Also In the report, the median sales price for new construction homes in August was $292,700 while the average sales price was $353,400. Given this sales pace, inventory levels for new construction homes sits at a 4.7 months supply level.

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