WASHINGTON - New home sales fell to a 295,000 seasonally adjusted annual rate in August, down 2.3% from July, the Commerce Department reported Monday. Sales of new homes have now fallen for four months in a row.
Sales for July were revised up to 302,000 on an annual basis and June sales were revised to a rate of 303,000.
New home sales increased in the Midwest but slumped in the Northeast, South and West.
August sales came in right at the expected 295,000 annual rate for the month, estimated by economists polled by Thomson Reuters.
The number of new homes for sale was down 1.2% to 162,000. That is a 6.6 months supply at the August sales rate, following 6.5 months in July. The August report also showed record low numbers of homes under construction and completed.
The median sales price for new homes was $209,000 in August, off 8.7% from July and down 7.7% from a year ago.
