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New home sales jump 7.9 percent in August

New home sales jumped 7.9 percent in July and 12.6 percent above the level seen in August 2012, according to the US Census Department.

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This chart shows the pace of new single family home sales since 2004. Sales jumped 7.9 percent in July 2012 but remained at historically low levels.

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for August showing a notable increase with sales climbing 7.9% from July and rising 12.6% above the level seen in August 2012 remaining at an historically low level of 421K SAAR units. 

It's important to recognize that the inventory of new homes appears to be mounting as unsold units totaled 175K, still though near the lowest level seen in in at least 47 years while the median number of months for sale declined to 3.0. 

The monthly supply decreased to 5.0 months while the median selling price increased 0.55% and the average selling price increased 4.39% from the year ago level. 

The following chart show the extent of sales decline to date (click for full-larger version). 

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