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U.S. new home sales unexpectedly jump to nearly 14 year high

Christian Fernsby |
A report released by the Commerce Department on Thursday unexpectedly showed another significant increase in new home sales in the U.S. in the month of August.

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Topics: U.S.   

The Commerce Department said new home sales jumped by 4.8 percent to an annual rate of 1.011 million in August after skyrocketing by 14.7 percent to an upwardly revised rate of 965,000 in July.

With the unexpected increase, new home sales surged up to their highest level since reaching 1.016 million in September of 2006.

New home sales in the South spiked by 13.4 percent to an annual rate of 636,000, while new home sales in the Northeast jumped by 5.0 percent to a rate of 42,000.

On the other hand, the report said new home sales in the Midwest plunged by 21.4 percent to a rate of 99,000. New home sales in the West also slid 1.7 percent to a rate of 234,000.

The Commerce Department said the median sales price of new houses sold in August was $312,800, down 4.6 percent from $327,800 in July and down 4.3 percent from $327,000 a year ago.


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