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

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By

Latest Articles

Uh-oh: Borrowers’ satisfaction with their lender is falling as originations rise

By all accounts, 2019 is going to end up being the best year for the mortgage business in at least three years, but is there appears to be a serious fly in the mortgage business’ ointment. A new survey shows that borrowers’ satisfaction with their lender dropped significantly in the second quarter as lenders struggled to deal with the surge in mortgage demand caused by falling interest rates.

Nov 14, 2019 By