There are more new homes for sale than during any month in three years. Still, the volume of new home sales has diminished from a month earlier and a year earlier.

During August, the sale of 45,000 new privately owned single-family homes was completed — the fewest new houses sold since January’s upwardly revised 45,000.

Including last month’s activity, there have been 422,000 new U.S. residential properties that were sold from Jan. 1 through Aug. 31 of this year.

Source: Mortgage Daily