Thursday, October 25, 2007

September New Home Sales Dip 23%

Sales of new homes in September fell 23.3% from the same month last year to a seasonally adjusted annualized rate of 770,000 units, according to the most recent figures from the Census Bureau. The figure was reported by some news outlets as an increase; but while the month’s figure was 4.8% higher than the pace for the previous month, the August rate had been adjusted downward from 795,000 units a year to 735,000.
Through the first three quarters of the year, some 639,000 new homes have been sold, down 23.5% from the same period of 2006. Builders have an 8.3-month inventory of unsold homes at the current pace.
The median sales price for a new home in September was $238,000.

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