August’s New Single-Family Residential Sales According to the U.S. Census Bureau
In August 2024, new single-family home sales reached a seasonally adjusted annual rate of 716,000, reflecting a 4.7% decline from July’s revised figure of 751,000. However, this marks a notable increase of 9.8% compared to the same month last year, when sales were estimated at 652,000. This uptick indicates a potential resilience in the market despite recent fluctuations.
The median sales price for new homes in August 2024 was $420,600, while the average sales price rose to $492,700. At the end of the month, the inventory of new homes for sale stood at 467,000 units, corresponding to a supply of 7.8 months at the current sales pace. This inventory level suggests a balanced market, though builders may want to monitor pricing trends and sales activity closely as they navigate upcoming months.
