The Census Bureau's New Residential Construction report shows seasonally-adjusted sales rose 1.5% in August.
New Home Sales
- Sales of new single‐family houses in August 2021 were at a seasonally adjusted annual rate of 740,000.
- This is 1.5 percent above the revised July rate of 729,000, but is 24.3 percent below the August 2020 estimate of 977,000.
- The median sales price of new houses sold in August 2021 was $390,900.
- The average sales price was $443,200.
For Sale Inventory and Months’ Supply
- The seasonally‐adjusted estimate of new houses for sale at the end of August was 378,000.
- This represents a supply of 6.1 months at the current sales rate.
By Region SAAR
- Total: 740,000
- Northeast: 29,000
- Midwest: 51,000
- South: 445,000
- West: 215,000
By Region Not Adjusted
- Total: 62,000
- Northeast: 3,000
- Midwest: 4,000
- South: 37,000
- West: 18,000
The headline numbers make it appear as if builders sold 740,000 homes in August. They actually sold 62,000 homes.
New Homes For Sale by Stage of Construction
There is a big backlog of homes for sale not yet started. Builders delayed starting because of lumber prices, labor shortages, and materials shortages.
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