The numbers: Sales of newly-constructed homes in the U.S. increased 7.1% on a monthly basis in August to a seasonally-adjusted annual rate of 713,000, the government reported Wednesday.
That’s up from a revised rate of 666,000 in July, and is just shy of the 12-year high set in June. Compared with August 2018, new-home sales were up 18%.
Because of the small sample size used to produce the new-home sales figures, the report is fairly volatile and prone to large revisions. For instance, the pace of new-home sales in June was later revised to 729,000 after an initial reading of 646,000.