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US homebuying trends strong in August

Posted on Friday, September 26, 2014 at 9:03:55 AM

While residential financing rates are holding steady as the weeks progress, several other statistics have been experiencing significant changes at the end of this summer.

According to a joint release from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, new single-family homes sold at a seasonally adjusted annual rate of 504,000 units this August, an 18 percent increase from the rate in July. That is also good for a 33 percent uptick on a yearly basis. 

In addition to the higher number of homes sold, the median sales price in August was $275,600, while the average sales price was $347,900, the analysis reported. There is also an estimated supply of new homes for sale of 4.8 months, given the current sales rate.

There have also been changes when it comes to foreclosures and delinquent mortgages over the past few months. According to Black Knight Financial Services, the U.S. delinquency rate increased roughly 5 percent from July to August. On the other hand, the total number of foreclosure starts slipped by slightly more than 10 percent on a monthly basis, the first decrease reported in five months.