New Homes Sales Rise in September
New Homes Sales Rise in
September
A report from government officials showed that sales of new homes picked up slightly in September, but housing's recovery from a historically low pace earlier this year is not going as fast as analysts would like.
Sales of new, single-family homes picked up to a seasonally adjusted annual rate of 307,000 in September, compared to 288,000 in August. The Commerce Department report outpaced analysts' expectations of 299,000, as documented in a recent survey conducted by Briefing.com.
But analysts caution that despite the slight rise in sales pace, we are still very close to record-lows, as demand just does not seem to be rising significantly. August's home sales were the third lowest on records that date back to 1963, behind a 282,000 rate in May and a 285,000 pace in July.
The Commerce Department's report also indicated the median sales price had jumped from $220,500 in August to $223,800 in September. Analysts applauded that improvement, but caution that it may be largely due to limited inventory as lenders called voluntary halts to foreclosures. Also a chief cause of decreasing inventory is the fact that builders have just not been building many new homes.
At September's end, there were 204,000 new homes listed for sale in the market, which breaks down to an 8-month supply at the current pace. A separate report released on Monday from the National Association of Realtors showed that sales of existing homes also rose in September.
A report from government officials showed that sales of new homes picked up slightly in September, but housing's recovery from a historically low pace earlier this year is not going as fast as analysts would like.
Sales of new, single-family homes picked up to a seasonally adjusted annual rate of 307,000 in September, compared to 288,000 in August. The Commerce Department report outpaced analysts' expectations of 299,000, as documented in a recent survey conducted by Briefing.com.
But analysts caution that despite the slight rise in sales pace, we are still very close to record-lows, as demand just does not seem to be rising significantly. August's home sales were the third lowest on records that date back to 1963, behind a 282,000 rate in May and a 285,000 pace in July.
The Commerce Department's report also indicated the median sales price had jumped from $220,500 in August to $223,800 in September. Analysts applauded that improvement, but caution that it may be largely due to limited inventory as lenders called voluntary halts to foreclosures. Also a chief cause of decreasing inventory is the fact that builders have just not been building many new homes.
At September's end, there were 204,000 new homes listed for sale in the market, which breaks down to an 8-month supply at the current pace. A separate report released on Monday from the National Association of Realtors showed that sales of existing homes also rose in September.
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