"Despite the record-high sales, the number of new houses for sale slipped slightly to 490,000, representing a 7.4-month supply at the current sales pace. That's down from 9.0 months in July and 8.2 months a year earlier, reflecting tighter inventory. The data paints a cloudy image of what this means, according to Odeta Kushi, deputy chief economist for First American."
"According to our analysis of Redfin data, inventory is higher than a year ago, giving buyers more options, Kushi said in a statement. However, the pace of inventory growth is slowing, and supply nationally remains tight by historical standards. In August, inventory was still 21% lower than the 20152019 average for the same month."
"The median sales price for a new home climbed to $413,500 in August, up from $395,100 in July and $405,800 a year ago. The average sales price rose to $534,100. Regionally, sales surged in the Northeast and South, jumping 72.2% and 24.7% month over month, respectively. The Midwest saw a 12.7% increase from July's numbers and the West saw a modest 5.6% increase."
New-home sales reached record highs while the inventory of new houses for sale declined to 490,000, equating to a 7.4-month supply down from 9.0 months in July and 8.2 months a year earlier. Redfin data shows inventory is higher than a year ago, but the pace of inventory growth is slowing and August inventory remained 21% below the 20152019 average for the same month. Median new-home prices rose to $413,500 and average prices to $534,100. Monthly sales jumped most in the Northeast and South, while year-over-year gains were weaker in the West. Builders of smaller, more affordable homes are likely to see the strongest demand as supply remains tight by historical standards.
Read at www.housingwire.com
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