U.S. New Home Sales Rise to 14-Year High in August
September 24 2020 - 10:40AM
Dow Jones News
By Xavier Fontdegloria
Purchases of new single-family houses in the U.S. increased in
August for the fourth consecutive month and reached a 14-year high.
Here are the main takeaways from the Commerce Department's report
released Thursday:
--New home sales rose 4.8% in August compared with July to a
seasonally adjusted annual rate of 1,011,000.
--The reading is well above economists expectations polled by
The Wall Street Journal, who had expected a 0.3% decline to a
seasonally adjusted annual rate of 898,000.
--August sales were 43.2% above the same month a year
earlier.
--July's new home sales were upwardly revised to 965,000 from an
earlier estimate of 901,000.
--Monthly new residential sales data is volatile and often
revised. August's figures came with a margin of error of 10.5
percentage points.
--The median price of a new home was $312,800, down from
$327,000 the same month a year earlier.
--The seasonally adjusted estimate of new houses for sale at the
end of August was 282,000. This represents a supply of 3.3 months
at the current sales rate.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
September 24, 2020 10:25 ET (14:25 GMT)
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