The real estate market is always changing. Recently, there was an unexpected increase in home sales in the month of August. There are a number of factors to consider that could have impacted an increase in sales. This article from Yahoo Finance does a great job of discussing the data and sharing a perspective as to what may have happened and what to expect moving forward in the market. Check out the article and give me a call if you have questions or for any of your real estate needs.
New home sales unexpectedly increased in August from the month before, but the decline in median and average prices suggests that home builders are open for negotiation as the overall housing market cools.
Sales of newly constructed homes came in at a seasonally adjusted annual rate of 685,000, up 28.8% from July's revised pace of 532,000 and 0.1% below the year ago estimate of 686,000, according to a report from the Department of Housing and Urban Development and the Census Bureau.
The figures far exceeded the Bloomberg consensus estimate of 500,000 in annualized new home sales.
Still, the median price for a new home dropped 6.3% month over month to $436,800 from a revised $466,300 in July. The average price also fell by 6.3% to $521,800 in August from $556,700.
The figures offer a mixed picture for the housing market after a host of recent data showed slowing sales and cooling prices, an about-face from just the start of the year.
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