Sales of new single-family homes rebounded, rising 2.7% to a 464,000 seasonally adjusted annual rate in September, according to data released by the Commerce Department yesterday.
The September figure came after a downwardly revised 452,000 rate in August, a 12.6% drop originally reported as an 11.5% decrease to 460,000. Thomson Reuters’ poll of economists had predicted a 450,000 sales level for August.
Sales of new homes were 33.1% below the 694,000 rate in September 2007, Commerce said.
The supply of new homes at the current sales rate slid to 10.4 months from 11.4 months in August.
At the end of September, the number of new homes on the market decreased to 394,000 from 425,000.
The unadjusted average price of a new single-family home jumped to $275,500 from $264,100.
Meanwhile, the unadjusted median price slipped to $218,400 from $220,400 in the previous month.