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.

 

Most Popular Articles

Are mortgage rates about to hit an all-time low?

The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content

Feb 25, 2020 By

Latest Articles

Why Bernie’s plans to pay for mega-policies don’t matter

Reacting to Bernie Sanders’ plan for the sourcing for more than $40 trillion in spending, Beacon Policy Advisors had some interesting advice: Ignore it.

Feb 27, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please