New Home Sales Stabilized in August

The National Association of Home Builders reports the pace of new home sales held steady in August at the seasonally-adjusted annual rate (SAAR) of 337,000 units, virtually unchanged from July, according to data from HUD and the U.S. Census Bureau. NAHB Chief Economist David Crowe says, “This latest report indicates that new-home sales continue to run at a steady pace that’s well ahead of what we were seeing this time last year, and at this rate, the third quarter of 2012 is going to be well ahead of the second quarter.” He also notes homes in the higher price range, $400,000 and above, sold well in August, while first-time buyers continue to have a difficult time obtaining credit. Regionally, the sale of homes in the Northeast rose 20 percent, 1.8 percent in the Midwest, and 0.9 percent in the West. As MHProNews has learned, the South posted a decline of 4.9 percent in sales.

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