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Commerce Dept.: New home sales surged to 713,000 in August

By Clyde Hughes
More than 700,000 homes were sold in the United States in August, the Commerce Department said Wednesday. File Photo by Alexis C. Glenn/UPI | <a href="/News_Photos/lp/b55b38267b8827ac255d61659c0334e1/" target="_blank">License Photo</a>
More than 700,000 homes were sold in the United States in August, the Commerce Department said Wednesday. File Photo by Alexis C. Glenn/UPI | License Photo

Sept. 25 (UPI) -- Sales of new single-family homes in the United States for the month of August rose more than 7 percent to 713,000, government figures showed Wednesday.

The Commerce Department report said the number is an increase over 666,000 new sales for July. The median sales price was $328,400 while the average price was $404,200.

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The department said the seasonally-adjusted estimate of a new house for sale by the end of August was 326,000, projecting a supply of 5.5 months.

RDQ Economics said Wednesday the numbers showed buyers are gravitating toward lower mortgage rates.

"We expect residential investment will add to third-quarter real (gross domestic product) growth following six consecutive quarterly contractions," the firm said in a client note.

The 713,000 figure marked the second-largest sales month of the year, behind the 729,000 in June. The South recorded the most sales, at 426,000. The West saw the second-most, with 191,000.

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