September New Home Sales Rise 0.2% to 467,000 Annual Rate

Sales of new single-family homes grew 0.2% to a 467,000 seasonally adjusted annual rate in September, according to data released by the Commerce Department Friday.

The increase came after a revised 15.3% gain to a 466,000 rate in August, originally reported as an 18.0% surge to 504,000.

Thomson Reuters' poll of economists had predicted a 470,000 sales level for September.

Sales of new homes were 17.0% better than the 399,000 rate in September 2013, Commerce said.

The supply of new homes at the current sales rate held at 5.3 months.

At the end of September, the number of new homes on the market grew to 207,000 from 204,000.

The unadjusted average price of a new single-family home slumped to $313,200 from $349,300.

Meanwhile, the unadjusted median price fell to $259,000 from $286,800 in the previous month.

Sales in the Northeast were flat at 30,000. Sales in the South were up 2.0% to 261,000 from 256,000, sales in the West fell 8.9% to 112,000 from 123,000 and Midwest sales rose 12.3% to 64,000 from 57,000.

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