New Home Sales Fell 5.5 percent in September

New single-family home sales decreased to a seasonally adjusted annual rate of 553,000 in September, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The September level was 5.5 percent below the revised August rate of 585,000 and 13.2 percent below the September 2017 estimate.

Sales decreased 40.6 percent in the Northeast, 1.5 percent in the South, and 12.0 percent in the West. The Midwest saw a 6.9 percent increase.

The median price of a new home was $320,000, down 0.1 percent from August. The average price was $377,200.

At the end of September, the seasonally adjusted estimated supply at the current sales rate increased from 6.5 months to 7.1.

Read the Census/HUD release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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