New Home Sales Flat In September

Posted by Patrick Barnard on October 24, 2014 No Comments
Categories : Residential Mortgage

New home sales reached a seasonally adjusted annual rate of about 467,000 in September, an increase of 0.2% compared to the revised August rate of about 466,000 and 17% above the September 2013 rate of 399,000, according to estimates released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

The median sales price of a new home sold in September was $259,000; the average sales price was $313,200.

As of September, there were about 207,000 new homes for sale, representing a 5.3-month supply at the current sales rate.

New home sales were particularly strong in the Midwest, rising 12.3% compared to August. New home sales were up 2% in the South and were flat in the Northeast – however, they were down 8.9% in the West.

As pointed out in a post on ZeroHedge, the Census Bureau's new home sales data has been downwardly revised every month since May.

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