US new-home sales were estimated at an annual pace of 684,000 in August, 6.4% above the revised July rate. The median sale price was $393,700, down 5.8% from a year earlier. Builders may be finding buyers by making the numbers work for them. There is a catch in the statistics, too: the Census Bureau says the month-to-month increase has a wide margin of error, so it is too early to declare a firm housing recovery on one report.
What it means: Does a lower median sale price mean every new home got cheaper? No. The median can change because the mix of homes sold changes as well as because builders cut prices.