New home sales in the South surged to the highest levels in nearly three years in August, according to the latest Census Bureau data
- Sales of new single-family homes in the South reached a seasonally adjusted annual rate of 459,000 in August, up 2.7% from July, matching April’s high.
- The South now makes up a staggering 64% of all new home sales in the U.S.
Nationally, the picture isn’t as bright. New home sales fell to a seasonally adjusted annual rate of 716,000, a 4.7% decline from July, though this still ranks as the third-highest monthly total in the last year.
- The drop in national figures was driven by sharp declines in other regions: a 27% plunge in the Northeast, a 17.8% fall in the West, and a 5.8% dip in the Midwest.
Bottom Line: The resilience of the Southern market stands in stark contrast to the sluggishness elsewhere, highlighting its pivotal role in the overall housing market. As the South continues to drive growth, the rest of the country may struggle to keep pace, widening regional disparities in housing demand and economic recovery.
