Turning the tide on a four-month streak of bad news, single-family housing sales rebounded in September. Sales were at a seasonally adjusted annual rate of 313,000, according to the U.S. Commerce Department. This is 5.7 percent above the revised August rate of 296,000, but is 0.9 percent below the September 2010 estimate of 316,000.
The median sales price of new houses sold in September was $204,400, while the average price was $243,900. The estimate of new houses for sale at the end of September was 163,000, representing a supply of 6.2 months at the current sales rate.
"Today's report highlights the gradual improvement in housing market conditions that is becoming evident in certain pockets of the country, as consumers who can surmount very restrictive lending standards to qualify for a favorable mortgage rate seize on this opportunity to buy," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB).
"The improved rate of new-home sales in September is on par with NAHB's forecast for the overall number of sales this year and in keeping with the spotty improvements that our latest builder surveys have highlighted in select markets," said NAHB Chief Economist David Crowe. "While 313,000 is still an exceptionally low rate of new-home sales by historic standards, it is an encouraging sign of an anticipated broader recovery over the course of next year, and builders have helped the situation by keeping their inventories of homes for sale very lean in areas where there is an oversupply of existing units."
