Historically low-interest rates and a lack of existing homes pushed new homes sales to a new high, according to the U.S. Census Bureau and Department of Housing and Urban Development.
August’s new residential sales reached a record high not seen since 2006, according to the U.S. Census Bureau and the Department of Housing and Urban Development’s latest new home sales report released on Thursday.
New home sales increased 43.2 percent year-over-year to a seasonally-adjusted annual rate of 1,011,000 — 46,000 above July’s revised rate and 305,000 above August 2019’s rate. The median sales price of homes sold in August was $312,000, while the average sales price for all listings was $369,000.
Realtor.com Chief Economist Danielle Hale said the boom in new home sales is due to buyers taking advantage of historically low-interest rates.
“Sales of new homes broke the 1 million mark for the first time since 2006, rising 43.2