US new home sales surged in August by 20.5% to an SAAR of 800k (vs 650k expected), the largest one-month increase since August 2022.

• Total months' supply fell -17.8% MoM and -9.8% YoY to 7.4x, the lowest inventory since April 2024.
• The median price jumped 4.7% MoM and was up 1.9% YoY to $413,500, and the average sales price increased 11.7% MoM and 12.3% YoY.
• The percentage of homes sold under $300k in August was 20%, the highest since November 2024.