New home sales down 2.3 percent in August

WASHINGTON, Sept. 26 (UPI) -- Sales of new single-family homes fell 2.3 percent from July to August, the U.S. Commerce Department said Monday.

Home sales in August came in at a seasonally adjusted annual rate of 295,000. In July, 302,000 new homes were sold, the department said.

The rate of home sales in August came in 6.1 percent above the 278,000 new single-family homes sold in the same month of 2010.

The Commerce Department said the average sale price for a new home sold in May was $209,100, down from $222,000 in July and $235,200 in June.

At the end of August, there were 162,000 new homes on the market, a 6.6-month supply at the current rate of sales, the Commerce Department said.