U.S. new home sales rise sharply in August

The U.S. Commerce Department reports that new home sales rose 28.8% in August to 685,000 units. On a year-over-year basis, new home sales declined 0.1% in August.

Meanwhile, the Commerce Department raised the number of new home sales in July to 532,000 units from the previously reported 511,000 units.

New home sales increased in all four U.S. regions. The median price of new homes rose 8% in August to $436,800. New home inventory rose to 461,000 units.

Looking at home sales and inventory on the market, home sellers took 8.1 months to sell their homes out of inventory, down from 10.4 months in July.

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