New homes sales increased 6.6% in September to an annual rate of 307,000, but hit a 2010 low. According to data released by the U.S. Census Bureau and the Department of Housing and Urban Development Wednesday, only 24,000 houses sold last month. Year-to-date, 257,000 new homes have been sold, down 11.7% from the same period in 2009. New home sales are down 21.5% from September 2009 and at the lowest level they have been all decade. Market inventory also fell to the lowest level seen year-to-date. As of September, there were 204,000 homes for sale, down 1% from August and down 19% from one year ago. The average price of a home fell to $257,500 last month from $260,500 the month previous. September marked the second lowest average price of 2010. Only the July average price of $248,800 was lower. According to the survey, 38% of homes purchased in September were priced between $200,000 and $300,000 while 21% were priced above that. More homes sold in the South than any other region of the U.S. — a total of 160,000 — followed by the West (64,000 homes ), the Mid-west (53,000) and the Northeast (30,000). Write to Christine Ricciardi.
September new home sales drop to yearly low along with market inventory
Most Popular Articles
Latest Articles
NAMB partners with Roomvu on digital marketing efforts
NAMB members can use automation tools through Roomvu to market their services, create content and distribute newsletters.
-
New American Funding onboards top Chicago loan officer
-
Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers
-
Weekly active inventory growth still too slow
-
While the Austin housing market isn’t sizzling, agents say it is still warm
-
CMLS looks to weigh in on the DOJ’s statement of interest