Sales of new single-family homes declined 0.3% in August from the month prior to a seasonally adjusted annual rate of 373,000 units, even though mortgage rates fell to new lows.
But compared to the same month a year ago, sales rose by almost 28%, according to new figures compiled by the Commerce Department and the Department of Housing and Urban Development.
Despite the overall drop, sales of new homes in the Northeast shot up 20% compared to July, and 56% compared to the same month a year prior.
Although sales fell fractionally, the report was consistent with other recent data points suggesting a turn-around in the housing market after the real estate collapse of 2007/2008.
Realtors in certain markets, including Washington, D.C., continue to report concerns about a lack of inventory.
Just this week Lennar Corp., the nation’s third-largest U.S. homebuilder by revenue,
