New Homes Sales Reach Fastest Pace Since April 2010

In September, new home sales reached their highest level since April 2010, when they were boosted by the homebuyer tax credit. According to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes were at a seasonally adjusted annual rate of 389,000, which is up 5.7 percent from August and 27.1 percent from last year’s estimate of 306,000. The median sales price of new houses sold in September was $242,400; the average price was $292,400. Median price is now 11.7 percent above year before levels. At the current sales pace, there was a 4.5-month supply of new homes for sale at the end of the month. More here and here.

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