New Home Sales Dip but Prices Surge Higher

Washington, DC, Sept. 26, 2012 -- Sales of new single-family homes fell slightly in August to a 373,000 annual pace, the Commerce Department said.

The sales pace in July, originally reported as 372,000, was revised to 374,000, the highest since April 2010.

Economists expected new home sales last month to total about 380,000 on an annualized basis.

However, the median sales prices rose 11.2% in August to $256,900, the single biggest monthly increase ever recorded.

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