September new homes sales up 5.7%
Sales of new single-family homes increased 5.7% in September from the prior month, topping most analysts' estimates. The Commerce Department said the seasonally adjusted rate of 313,000 units last month rose from 296,000 for August, which was revised upward 1,000. September new home sales were 0.9% lower than the rate of 316,000 a year earlier. The seasonally adjusted estimate of new homes for sale at Sept. 30 was 163,000, representing a 6.2-month supply. A healthy housing market usually carries a six-month supply of single-family homes. Analysts surveyed by Econoday expected the rate of new home sales to reach 302,000 in September with a range of estimates between 285,000 and 312,000. The median sales price of new homes sold in September was $204,400 down 2.2% from $209,100 in August. The average sale price fell to $243,900 from $246,000 in August and is at the lowest level since early 2009. Write to Jason Philyaw. Follow him on Twitter: @jrphilyaw.