August’s new home sales were the strongest since September 2006. The 1.01 million-unit annualized sales rate, a 4.8% increase over July, put the year-to-date sales 14.9% ahead of the first eight months of 2019. Last year, new home sales totaled 683,000 units. The median price of new homes sold in August was $312,800, a 4.3% decrease from the median price in August 2019.
Existing home sales hit their strongest pace in August since December 2006. The 6.00 million-unit seasonally adjusted annual rate was 2.4% ahead of July. The increase followed 20.2% and 24.7% gains in June and July, respectively. Year-to-date sales are off 3.2% relative to last year. In 2019, existing home sales numbered 5.34 million units.
The inventory of existing homes on the market at the end of August stood at 1.49 million units, or 18.6% fewer than the year-ago level. The median price of existing homes sold in August was $310,600, an 11.4% increase over the median price in August 2019.
Retail sales rose 0.8% in August, leaving sales 2.6% ahead of its yearago level – and 1.9% ahead of sales in February 2020, the last month before the pandemic set in. Sales at restaurants and bars in August were 16.4% below sales in February. All data are after seasonal adjustment.
Read More Wells Fargo Keeping Current 9.25.2020