New home sales collapse 11.5% in September
Northeast region hit hardest on annual and monthly basis
Sales of new single-family houses in September 2015 cratered to a seasonally adjusted annual rate of 468,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 11.5% (±11.3%) below the revised August rate of 529,000, but is 2% (±17.9%) above the September 2014 estimate of 459,000.
The median sales price of new houses sold in September 2015 was $296,900; the average sales price was $364,100.
“When you take a step back and look at year-over-year growth, the overall housing picture looks promising despite September’s drop in new home sales,” Quicken Loans vice president Bill Banfield. “However, a lack of inventory pushing up prices continues to be a thorn in the side of the overall housing market.”
The seasonally adjusted estimate of new houses for sale at the end of September was 225,000. This represents a supply of 5.8 months at the current sales rate.
By region, none saw a monthly gain from August, while the South and the West, the two largest housing markets, saw gains on an annual basis.
The Northeast dropped 61.8% on a monthly basis and 56.7% from August. The Midwest dropped 8.3% monthly and on an annual basis. The South dropped 8.7% monthly but gained 8.3% since September 2014. The West saw a 6.7% monthly drop and an 8.6% annual gain.