Sunday, September 30, 2012

US new home sales slip in August

27 September 2012 0158 hrs

WASHINGTON: Sales of new homes in the United States slipped slightly in August from July, the Commerce Department said on Wednesday, but prices rose as supplies remained tight against firming demand.

New home sales ran at an annual pace of 373,00 units last month, just 1,000 below the July pace.

But that was still nearly 28 percent higher than a year earlier.

Home prices were significantly higher, a sign of the tightness in the market as the supply of new housing stock available running at just 4.5 months of demand, the same as July but much lower than the 6.6-month supply in August 2011.

The median price for homes sold in August was $256,900, compared with $231,100 in July and $219,600 a year earlier.

The average price also picked up, to $295,300 from $270,600 in July and $259,300 a year earlier.

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