New Home Sales and Prices Increased in September

New single-family home sales rose to a seasonally adjusted annual rate of 593,000 in September, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The September level was 3.1% above the revised August rate of 575,000 and 29.8% above the September 2015 level.

Sales rose in most regions, rising 33.3% in the Northeast, 8.6% in the Midwest and 3.4% in the South. In contrast, sales in the West fell 4.5%.

The median price of a new home was $313,500, up 6.7% from August. The average price was $377,700, an increase of 6.0% from the previous month.

At the end of September there was an estimated supply of 4.8 months at the current sales rate, down from a 4.9 month supply in August.

Read the Census/HUD release.