New Home Sales Fell 11.5 Percent in September

Sales of new single-family homes fell in September to a seasonally adjusted annual rate of 468,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The September rate is 11.5 percent below the revised August rate of 529,000, but 2.0 percent above the year-ago rate of 459,000.

New home sales contracted month-over-month in all four regions, falling by 61.8 percent in the Northeast, 8.7 percent in the South, 8.3 percent in the Midwest, and 6.7 percent in the West.

The median sales price of new houses sold in September was $296,900, up $7,800 from August. The average sales price for a new home was $364,100, up $21,100 from last month.

At the end of September, there was an estimated supply of 5.8 months at the current sales rate, up from 4.9 months in August.

In contrast, sales of existing homes grew 4.7 percent in September, and are 8.8 percent higher than a year ago.

Read the release.