New-Home Sales Bounced Back in August, Following Decline

(CN) – Sales of new homes in the rebounded in much of the United States in August, following two months of declines, the Commerce Department said Wednesday.

The sales gains mostly came from a 47.8 percent jump in the Northeast and a 9.1 percent increase in the West. New-home sales edged up modestly in the Midwest.

The South was the only region to see continued new-home sales declines.

Purchases of newly built single-family homes—a relatively narrow slice of all U.S. home sales – rose 3.5 percent  to a seasonally adjusted annual rate of 629,000 in August.

The government reports that sales of new homes have advanced 6.9 percent this year.

The average sales price has risen 5.2 percent from a year ago to $388,400.

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