New U.S. house sales have climbed 12.7% in the year to August 2018, new figures suggest.
There were 629,000 new single-family houses sold in the year to August. So says estimates from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The average sales price was $388,400, a rise of 5.2%. Sales climbed 3.5% during the previous month.
There were 318,000 new houses for sale at the end of August. As a result, this represents a supply of 6.1 months at the current sales rate.
The survey is primarily based on a sample of houses selected from building permits. A “sale” is defined as a deposit taken or sales agreement signed, so can occur prior to a permit being issued.
An estimate of these prior sales is included in the sales figure. On average, the preliminary seasonally adjusted estimate of total sales is revised about 3.8%.
Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics.