WASHINGTON–Sales of newly constructed homes during August declined to a 609,000 seasonally adjusted annual rate, according to the Commerce Department.
The decline is less than had been projected, and is a significant 20.6% higher than the same period one year earlier. July of 2016 marked a nine-year high in the sale of newly constructed homes and forecasts had called for a large decline from that high water market, according to economists who were surveyed by Marketwatch.
According to the Commerce Department, the median sales price in August was $284,000, continuing a downward trend.
The Commerce Department reported there were 4.6 months’ worth of homes available at the current pace of sales in August.