August new-home sales hit 684,000, beating 615,000 estimate

• July's sales were revised upward to 643,000 from the initially reported 607,000.

New home sales in August exceeded projections, according to data jointly released by the U.S. Census Bureau and the Department of Housing and Urban Development. The upward revision to July's figures means the 6.4% monthly gain is calculated from a base of 643,000 rather than the 607,000 first reported.

• Homes available for sale: 483,000, unchanged from the prior month.
• Supply measured in months: 8.5, down from 9.0 in July.
• Median sales price: $393,700, up from $392,200.
• Average sales price: $478,700, compared with $526,400 in July.

Inventory held steady, but a faster sales pace reduced the months' supply figure. The median price rose only slightly, while the average price fell 9.1%. That divergence suggests the composition of sales affects the price data; it does not alone indicate that the price of a comparable home fell by that amount.

A quick analysis: Buyers were more active in August than economists had anticipated, showing resilience in a housing market facing high borrowing costs. Under normal conditions, that could support Treasury yields and the dollar, but this single report is unlikely to determine the Fed's policy outlook. The Census Bureau's reported 6.4% monthly change has a margin of error of ±19.5 percentage points, so traders should be cautious about interpreting one month's gain as a solid trend. The 30-year mortgage rate is currently around 7%, below the 2023 peak of 7.83%.

What this report covers: It estimates sales of newly built single-family homes. The data is seasonally adjusted and annualized, meaning it shows what a full year's sales would be if the monthly pace continued. Traders watch it for signs of housing demand and the impact of borrowing costs; initial estimates can be revised.