Sales of new single-family houses edged down in August despite a price gain, fresh evidence of a bumpy recovery for U.S. housing market, according to Commerce Department's latest statistics Wednesday.
Sales of new single-family houses in August declined to a seasonally adjusted annual rate of 373,000 units, down 0.3 percent from July, but was 27.7 percent higher from a year ago.
Meanwhile, the median sales price of new houses sold in August rose sharply to 256,900 U.S. dollars from 231,100 dollars in July.
The seasonally adjusted estimate of new houses for sale at the end of August was 141,000 units, which represents a supply of 4.5 months at the current sales rate.
Although record-low mortgage rates and lower prices have made home buying more affordable, due to tight credit standards, many Americans are still having difficulty qualifying for home loans. Economists also cited weak job creation and stagnant wages as restraints on housing market. |