This represents an increase of 5.75% from the July 2015 annualized rate of 522,000, and an increase of 18.45% from the June 2015 rate of 466,000.
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The median sales price of a new home sold in August was $292,700; the average sales price was $353,400. The existing home sales make up for the remaining percentage.
The numbers exceeded the analysts’ predictions at a rate of 515,000. From the chart below, you can see how the growth pace has more than corrected itself from the end of 2014. In April 2008, new home sales hit an all-time low, with an annualized rate of just 536,000 units. By contrast, the year-over-year gain in new home sales has jumped by a whopping 22.0% – that’s a lot of extra profit homebuilders are missing out on.
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New home sales grew month-over-month in three of the four regions, rising 24.1 percent in the Northeast, 7.4 percent in the South, and 5.4 percent in the West, while sales fell 9.1 percent in the Midwest. Home sales for properties price above $750,000 were flat with July sales and accounted for 5% of all new home sales.
