New Home Sales in U.S. Dip 2.3% in August

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New home construction is still slowing, and bumping along the bottom in August.

According to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), sales of new single-family houses in August 2011 were at a seasonally adjusted annual rate of 295,000.
 
This is 2.3 percent (±13.9%) below the revised July rate of 302,000, but is 6.1 percent (±18.8%) above the August 2010 estimate of 278,000.
 
The median sales price of new houses sold in August 2011 was $209,100; the average sales price was $246,000.

The seasonally adjusted estimate of new houses for sale at the end of August was 162,000. This represents a supply of 6.6 months at the current sales rate.

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