New homes sales rose nationwide in August, after a big decline a month earlier.
Sales of newly built homes climbed 7.9% from July to a seasonally adjusted annual rate of 421,000, the Commerce Department said Wednesday. That rate is a 12.6% increase from August 2012.
July’s disappointing sales figure was revised downward and August sales came in slightly lower than the 425,000 rate analysts polled by Bloomberg News expected.
Amid the housing recovery, developers this year have increased construction of new homes, but the pace has yet to return to historically normal levels. Builders cite the lack of suitable building lots and tough access to credit among their concerns.