August report shows 9.4% gain, stronger than expected.
September 27, 2004: 10:21 AM EDT
NEW YORK (CNN/Money) - The pace of new home sales picked up in August, a government report showed Monday, as the closely watched reading of housing market strength came in stronger than Wall Street expected.
The Census Bureau report showed new homes sold at an annual pace of 1.18 million homes, up from the revised 1.08 million annual sales pace in July. Economists surveyed by Briefing.com forecast an annual sales pace of 1.15 million homes.
The report showed median and average home prices both fell from July levels, although both were well above readings a year earlier.
The median price, which reflects the point with half the homes selling for more and half selling for less, came in at $208,900, down 2.6 percent from July pricing but up 9.7 percent from a year earlier. The average sales price was $267,000, down 5.9 percent from July's average but up 10.8 percent from August 2003.
The pace of existing home sales slowed down in August, although it stayed high by historic levels, according to an industry report last week. Existing home sales are a larger part of the overall real estate market than new home sales. But new home sales are seen as a more important economic barometer because they spur greater purchases of new appliances and furnishings than existing home sales, as well as contributing to construction employment.
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