The Economy

Sep 26, 2012 10:14 AM by Summer Yu

New home sales edge down 0.3% in August

WASHINGTON (AP) - Sales of new homes in the United States dipped slightly in August from July but the median price of homes sold during the month rose by a record amount.

The Commerce Department says that new-home sales edged down to a seasonally adjusted annual rate of 373,000 in August, a dip of 0.3 percent from July's rate of 374,000. That had been the fastest pace since April 2010 when government tax credits were boosting sales.

Sales in August were up 27.7 percent from the pace a year ago. But even with that gain, new-home sales remain well below the annual pace of 700,000 that economists consider healthy.

The median price of a new home jumped 11.2 percent in August to $256,900, the biggest one-month gain on record.

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