New homes sold at an annualized rate of just 295,000 units in August, the worst reading in six months, according to new government figures released Monday morning.
Overall, sales fell for the fourth straight month, even though the summer traditionally marks the end of the peak home-buying season.
On a sequential basis, sales in the Northeast declined the most, down almost 14%. The Midwest had the strongest showing, rising 8.2% to 53,000 units annualized.
On a pure volume basis, the South led the nation with an annualized rate of 164,000 units, but overall, sales fell 2.4%.
The supply of new homes on the market came to 6.6 months, just about flat compared to the prior four months.
Last week the National Association of Home Builders reported that builder confidence in the single-family market continues to be low, blaming challenges obtaining construction credit, low appraisals, and weak consumer confidence.