Friday, September 25, 2015

New Home Sales Take a Leap Forward

The American housing market is almost fully recovered from the Great Recession, at least as far as new home sales go, according to new figures from the Commerce Department. Compared to a year earlier, new home sales were up a stunning 21.6 percent last month.

With a big leap forward in August, demand for new homes was at its highest level in more than seven years. New U.S. homes sold at an annual rate of 552,000 in August, marking their highest point since February 2008. We didn’t know it at the time, but the recession was already a few months old at that point.

The Northeast region was the biggest gainer in the country, with sales up 24.1 percent over August 2014. The median sales price of new houses sold in August 2015 was $292,700; the average sales price was $353,400.

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