Having dropped a downwardly revised 8.6 percent in July, the pace of new single-family home sales in the U.S. rebounded 7.1 percent in August to a seasonally adjusted rate of 713,000 sales, a current pace which is 18 percent higher than at the same time last year.

At the same time, the median price of those homes which sold last month was $328,400, which was 2.2 percent higher versus the same time last year, but with a higher percentage of more expensive homes having recently sold, and the inventory of new single-family homes for sale across the county ticked down 1.2 percent to 326,000 but remains 2.5 percent higher than at the same time last year.

And out West, the seasonally adjusted pace of new single-family home sales jumped to 191,000 in August, which 16.5 percent higher than in July and 17.9 percent higher on a year-over-year basis with 2.3 percent more new homes on the market (88,000) than at the same time last year (86,000).

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