Wednesday, October 26, 2011

New Home Sales Rose 5.7% in September

New home sales rose 5.7% in September to 313,000 annualized units, up from 296,000 in August, according to a Census Bureau report released this morning. This improved pace remains 0.9% below the pace in September 2010.

The median home price fell by 7.7% to $202,800, the third consecutive decline. The fall puts the median home price 10% lower than the September 2010 level.

The months’ supply of new homes on the market fell to 6.2 from 6.6, due to the higher number of sales.

The strength reported was not consistent across regions. The South and West gained, 11.2% and 9.7% respectively, while the Northeast and Midwest fell 4.2% and 12.2% respectively.

Read the report.

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