While the pace of previously-owned home sales in the U.S. unexpectedly dropped in August, the seasonally adjusted pace of new single-family home sales ticked up 5.7 percent.

At a rate of 552,000 annual sales, the August pace for new home sales was 21.6 percent higher than at the same time last year and the strongest August in eight years but remains 22.5 percent below than the long-term average pace of 650,000.

The August pace peaked at 1,255,000 in 2005, 127 percent higher than last month.

In terms of inventory, the number of new single-family homes for sale across the county is currently 216,000, up a nominal 0.5 percent from July, 5.4 percent higher versus the same time last year, and the highest August inventory since 2009.

In the West, the pace of new home sales gained 5.4 percent in August and is running 11.4 percent higher versus the same time last year.

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