New-home sales jump more than 25 percent in August

New-home sales for August were up 27.7 percent from their performance last year, according to new data released by the Census Bureau and the Department of Housing and Urban Development (HUD) on Wednesday. The seasonally adjusted annual rate of 373,000 homes was 0.3 percent below July 2012 totals.

The median sales price of new houses sold in August 2012 was $256,900; the average sales price was $295,300. The seasonally adjusted estimate of new houses for sale at the end of August was 141,000. This represents a supply of 4.5 months at the current sales rate.

All four regions of the U.S. saw new-home sales increase year-over-year in August, led by the West at 64.6 percent. It was followed by the Northeast (56.5 percent), Midwest (16.7 percent) and the South (11.5 percent). Month-to-month, the Northeast saw sales improve by 20 percent. The Midwest and South were next, while the West posted a 4.9 percent drop.

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