New Home Sales Surged 18.9% in September

New single-family home sales increased to a seasonally adjusted annual rate of 667,000 in September, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The September level was 18.9% above the upwardly revised August rate of 561,000 and 17.0% above the September 2016 estimate. August’s sales were the weakest figure since December 2016.

Sales grew in each of the other regions, led by the Northeast which jumped 33.3%. The Midwest, South and West posted gains of 10.6%, 25.8% and 2.9%, respectively.

The median price of a new home was $319,700, up 5.2% from August. The average price was $385,200.

At the end of September, the estimated supply at the current sales declined from six months to five.

Read the Census/HUD release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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