New U.S. Home Sales DIP in August; Prices SOAR

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New U.S. home sales dip in August; prices soar (by Jeffry Bartash)

WASHINGTON (MarketWatch) - Sales of new single-family homes in the U.S. fell slightly in August to a 373,000 annual pace from July's slightly revised level of 374,000, the Commerce Department said Wednesday. The sales pace in July, originally reported as 372,000, was the highest since April 2010. Economists surveyed by MarketWatch expected new home sales last month to total about 380,000 on an annualized basis. The median sales prices, meanwhile, soared 11.2% in August to $256,900, the single biggest monthly increase ever recorded. The supply of new homes on market remained steady at 4.5 months. Sales rose in all regions except the South, where the housing market has generally been strongest.

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