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Residential Home Sales On the Rise

shutterstock_320811626On Tuesday, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau jointly released their report on new residential sales for August 2017.

While the report is only an estimate, the number of seasonally-adjusted sales for new single-family homes stood at 560,000, while the number of new homes for sale was at 284,000. According to the report, this is 3.4 percent below the revised rate of 580,000 in July, and 1.2 percent below the estimate of 567,000 for August of 2016.

Combined, the median sales price was 300,200 for all properties. Average sales price amounted to $368,100. Insofar as inventory goes, the report suggests that the estimated new homes on the market at the end of August was 284,000, which at the current sales rate constitutes housing supply of 6.1 months.

The next joint report by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau will be released on Wednesday, October 25, 2017.

Read the full report on residential sales activity from the Census Bureau here.

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About Author: Joey Pizzolato

Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected].

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