(MENAFN- AFP) Sales of new houses in the United States remained strong in August, with pent-up demand continuing to absorb everything builders can offer, the Commerce Department reported Monday.
Sales of single family homes last month ran at an annual rate of 609,000 units, down from July's 659,000, which was the strongest month in almost nine years.
But August's pace remained well above the average for the past year and was up 20.6 percent from August 2015.
Sales were weaker year-over-year in the crowded northeast but sharply higher in every other region.
Buyers continue to enjoy some of the lowest mortgage loan rates on record, supporting demand.
But the median sales price in August was $284,000, the lowest in at least a year, suggesting supply on the market is catching up with demand.
Short supplies in the existing or used home market have driven up prices there, resulting in slower sales this year.
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