–September Sales Pace Strongest Since April 2011
–Home Supply Flat, Months Supply Falls To 6.2, Lowest Since April 2010
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales rose
5.7% in September to an annual rate of 313,000 after seasonal
adjustment, a stronger pace than expected, data released Wednesday by
the Commerce Department showed.
Analysts in a Market News International survey expected the pace of
new home sales to rise slightly to a 300,000 annual rate from the
originally reported 295,000 pace in August. There were mixed revisions
to sales in the previous two months that results in a net 4,000 downward
Sales were down in the Northeast and Midwest regions, but up in the
South and West regions.
On an unadjusted basis, new home sales were unchanged from both
August and from September 2010.
The supply of homes for sale was unchanged at 163,000 in September.
As a result of the jump in sales and the flat reading for supply, the
months supply fell to 6.2 months at the current sales pace from 6.6
months in August. The September pace was down from 7.7 months a year ago
and was the lowest since April 2010.
The median sales price fell 3.1% to $204,400 in September, and was
down 10.4% from September 2010. This was the lowest median price since
October 2010. The large supply of lower-priced distressed homes
continued to impact the pace of new home sales and sales prices for new
** Market News International Washington Bureau: 202-371-2121 **