New home sales in US plummet 8.7% in August

By Ovunc Kutlu

ISTANBUL (AA) - New home sales in the US in August plummeted 8.7% from the previous month, according to a report released Tuesday by the Census Bureau and the Department of Housing and Urban Development.

Sales of new single‐family homes were at a seasonally adjusted annual rate of 675,000, it said.

New home sales, which show the number of new single-family homes sold, were estimated to come in at 700,000 last month. The figure for July, on the other hand, was revised upward from 714,000 to 739,000.

New home sales in August, however, were 5.8% above the same month last year, when the figure stood at 638,000.

In August, the median sale price of new houses sold was $430,300, while the average price was $514,000, according to the report.