Friday, October 24, 2014

New Home Sales at 6 Year High in September

New home sales reached a 6 year high in September, hitting an annual pace of 467,000 units. New home sales in September were 0.2% above the pace in August. However, September’s report revised down August’s pace. September’s pace is a 17% improvement from year ago levels.

Two of the four regions saw their annual pace improve. The Northeast and West declined while the Midwest and South grew. The Midwest saw the largest improvement at 12.3%. The West was the weakest, declining 8.9%.

The months supply of new-home inventory remained the same in September from the month prior at 5.3 months. The median price of a new home was $259,000, a decrease of 9.7% from the month prior.

Notably, the 30-year fixed mortgage rate was at its lowest level this past week since June 2013, indicating that sales could see an uptick this fall.

Read the Census report.

No comments:

Post a Comment

Please read our comment policy before making a comment.