New home sales remain flat in August
August 15, 2011 | 3:40 pm CDT
WASHINGTON -- Sales of newly built, single-family homes were unchanged in August, holding at a seasonally adjusted annual rate of 288,000 units and matching July's revised sales figures, according to data released by the U.S. Commerce Department.

"Today's report is in keeping with recent builders surveys that indicated that most potential home buyers have put off buying due to uncertainty about the economy and job market," said Bob Jones, chairman of the National Assn. of Home Builders (NAHB) and a home builder from Bloomfield Hills, MI. " However, many of our members remain frustrated because they can't get loans for viable projects and are turning customers away."

Sales of new homes increased in the Northeast and West by 16.7 percent and 54.3 percent, respectively. The Midwest and South posted double-digit declines of 26.1 percent and 10.8 percent, respectively.

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