WASHINGTON - New home sales increased 6.6% to a seasonally adjusted annual rate of 307,000 in September, the highest level since June, as median prices increased and inventories fell, the Commerce Department reported today.
Sales in August were unrevised at 288,000 and sales for July were revised lower to 285,000. September and August had the first back-to-back sales increases since March and April.
Economists polled by Thomson Reuters expected 300,000 new home sales for the month, according to the median estimate.
The median new home sale price in September increased 1.5% from August to $223,800. August’s median price was revised higher to $220,500 from $204,700 reported last month. The September median price increased 3.3% from a year ago. September and August saw the first back-to-back median price increases since March and February.
The number of new homes for sale dropped to 204,000, the lowest level in 42 years. The inventory level has fallen from a high for the year of 232,000 set in January and February of this year.
The supply of new homes fell for the second straight month to 8.9 months.
