New Homes Sales Up Median Price Rebound
Posted by eBestAgent in REAL ESTATE NEWS, tags: Economic Data, New Homes SalesSales of new homes posted an unexpected gain in September although the improvement came after sales had fallen to the slowest pace in more than a decade.
The Commerce Department reported today that sales of new homes rose by 4.8 percent last month to a seasonally adjusted annual rate of 770,000 units. That level of activity was still 23.3 percent below a year ago, indicating that housing remains in a steep downturn.
Analysts had been expecting sales would fall by 2.5 percent last month from an August sales pace that had originally been reported as 795,000 homes. However, that figure was revised sharply lower in the new report to show a sales rate of just 735,000 in August, the slowest sales pace in 11 years.
Meanwhile, orders for big-ticket manufactured goods dropped an unexpected 1.7 percent last month following an even bigger 5.3 percent plunge in August. The first back-to-back declines in factory orders in more than a year raised new worries about how much harm would be inflicted on the economy from a severe housing slump and credit crunch.
The report on home sales showed that the median new home price in September — the point where half the homes sold for more and half for less — rose to $238,000, up 2.5 percent from August, which had seen prices fall to the lowest level in nearly a year.
The rebound in home sales was led by a 37.7 percent surge in the West. Sales were also up 0.5 percent in the South. But sales of new homes fell by 19.5 percent in the Midwest and 6.6 percent in the Northeast.
Technorati Tags: September home sales data, economic data, new homes sales
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