US New Home Sales Rise 6.4% in August to 684,000, Beating Expectations

United States new home sales rose 6.4% month-over-month in August to a seasonally adjusted annualized rate of 684,000 units, reaching an eight-month high. The figure surpassed consensus forecasts of 615,000 units. Demand was supported by an 84.9% surge in the Midwest and a 6.9% increase in the South, while the Northeast and West posted declines. July sales were upwardly revised to 643,000 from an initial 607,000. Total available inventory held at 483,000 units, reducing months of supply to 8.5 from 9.0 in July, while the median sales price reached $393,700.