ANNUAL RATE OF NEW HOME SALES UP 4.8% TO 770 THOUSAND UNITS IN SEPTEMBER
The September rate of new single-family home sales increased 4.8% to 770 thousand units from the downwardly revised August number of 735 thousand units. Despite the increase, the 770 thousand rate was in line with analysts expectations. The revised August rate was the lowest rate in over a decade. While the new home sales showed a slight increase in September, the number of homes for sale at the end of the month still constituted a 8.3 months supply at current sales rates substantially above last September’s 6.8 month supply. The median price of new home was $238,000 up 5% from last September’s median price and slightly above the August price. New home sales by region varied widely with sales in the Northeast and Midwest declining, after increases in August, and sales in the South and West increasing, following declining sales in August. On a year-over-year basis, new home sales were down 23.3%.
Kathryn Kobe NTKN, Washington DC