New Residential Sales Up in AugustOctober 4th, 2022 by Editor
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) recently reported that the sales of new single‐family homes was up in August 2022, assessed at a seasonally adjusted annual rate of 685,000, which the report says is a 28.8% increase over July’s revised rate of 532,000.
Despite gains over July, the August 2022 sales estimate is down – 0.1% from same time last year, when the estimate for August (2021) was 686,000.
The median sales price of new homes sold in August 2022 was reported as being $436,800, while the average sales price was $521,800. The seasonally‐adjusted estimate of new homes for sale at the end of August was 461,000, which represents a supply of 8.1 months at the current sales rate.
By region, the Northeast went from 15,000 in July to 25,000 estimated sales in August—roughly a 66% increase from one month to the next—though the number of estimated Northeast sales is down almost 22% from August 2021. In the Midwest, estimated new home sales increased around 16% from July 2022, with 54,000 estimated sales, to August 2022’s (estimated) 63,000 sales. The Midwest is one of two regions where numbers improved from August 2021 as well, up 5% from the same month last year. The South’s estimated 467,000 sales were an improvement both over last month and last year, including a 29.4% increase over last month’s 361,000 and 10.4% over August 2021. Numbers from the West were more similar to the Northeast, with a significant increase—27.5%—from July to August 2022, but a decrease when compared to August 2021. The estimated 130,000 sales in the West were down 24% from the same time last year.
For more specific information about the Monthly New Residential Sales as released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development CLICK HERE.