WASHINGTON, Sept. 27 (UPI) -- The U.S. Commerce Department said Monday sales of new single-family homes posted their largest rise in nearly four years in August.
Commerce said new single-family home sales jumped 9.4 percent to a seasonally adjusted annual rate of 1.184 million. The increase was the largest since sales surged 11.7 percent in December 2000.
July home sales fell 7.3 percent as the government lowered the annual rate to 1.082 million from an earlier estimated 1.134 million. June sales were revised down to 1.167 million from an earlier estimated 1.211 million. Sales in May were lowered to 1.244 million from an initial 1.283 million.
The government said new-home demand climbed in three of four regions in the United States last month. Sales rose 6.1 percent in the Northeast, 12.6 percent in the South and 19.5 percent in the West. Sales fell 8.3 percent in the Midwest.
The inventory of homes on the market slid to a 4.2 months' supply from July's 4.4 months' supply.
Average and median home prices tumbled. The average price was $267, 000, compared with a revised $283,700 in July. The median price was $208,900 from a revised $214,400.
