Having slipped a downwardly revised 1.6 percent in July, the seasonally adjusted pace of new single-family home sales in the U.S. ticked up 3.5 percent in August to an annual pace of 629,000 sales which is 2.6 percent below the long-term average for this time of the year but 12.7 higher versus August of 2017.

At the same time, the number of new single-family homes for sale across the county ticked up 1.6 percent to 318,000, which is a nine-year high, while the median sale price dropped 2.4 percent to $320,200.

And having held steady in July, the annual pace of new single-family home sales in the West jumped 9.1 percent in August to 168,000 transactions and is now running 19.1 percent above its pace at the same time last year.

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