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New Residential Home Sales Rise in August

According to a new residential sales report released Wednesday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential home sales rose 3.5 percent in August– a better-than-expected turnout, signifying a healthy economy and a strong market.

Single-family home sales rose 3.5 percent month-over-month to a seasonally adjusted rate of 629,000 units — a 12.7 percent year-over-year uptick, according to the Monthly New Residential Sales Report. The average sales price clocked in at $388,400 according to the report. Residential sales in July, meanwhile, were revised down to 608,000 homes from the previously reported 627,000, according to a separate Census report. Among major geographic regions, The Midwest lead with a 13.2 percent hike.

An increase in inventory shows builders are steadily working to meet steadily growing buyer demands. Impressively, sales in August are up a whopping 12.7% from a year ago. The number of completed new homes for sale has been very gradually increasing and today’s data shows that August hit the highest level since spring 2011.

For the full article, please visit: https://www.inman.com/2018/09/26/new-residential-home-sales-rise-in-august-reversing-2-month-decline/

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