Photo: Darron Schall/Flickr
Rising prices and tightening inventory didn’t slow down sales of new single-family homes in the US in September. Home sales recorded gains month-over-month, with the Northeast recording the largest gains, according to new data released today by the Census Bureau and US Department of Housing and Urban Development.
Sales of new single-family homes hit a seasonally adjusted annual rate of 593,000 in September. This was just over 3 percent higher than the prior month. September’s sales numbers were nearly 30 percent above the estimated 457,000 from the previous year.
At the end of September there was a seasonally adjusted estimate of 235,000 new single-family homes for sale. At the current sales rate, there is 4.8 months of supply, down from the 5.8 months supply recorded in September 2015.
The median sale price of a new single-family home increased to $313,500 in September, up from the $293,800 recorded the previous month.
Meantime, the average sale price in September rose to $377,7000 from $356,2000 recorded in August.
On a regional level, the Northeast recorded a 33.3 percent sales gain in September — the largest of all US regions for the month. This came after a sales decrease of nearly the same amount in the previous month.
Also following August declines, the Midwest and the South recorded 8.8 percent and 3.4 percent gains.
The West recorded a decrease of 4.5 percent in September following August’s 8 percent increase.
Click here to view the entire report.