New home sales fell slightly in August

WASHINGTON, Sept. 26 (UPI) -- Sales of new single-family homes dropped marginally July to August, the U.S. Commerce Department said Wednesday.

Sales fell 0.3 percent from a revised July rate of 374,000 to a seasonally adjusted annual rate of 373,000 in August.

Sales also rose 27.7 percent more than the annual rate of 292,000 from August 2011.

The Commerce Department said the average sale price for a new home sold in August was $295,300, a gain over the average price in July of $263,200.

The seasonally adjusted estimate how many new homes were on the market at the end of the month was 141,000, which is 1,000 less than July and represents a 4.5-month supply at the current rate of sales.