Thursday, October 28, 2010

New Home Sales Jump in September

According to according to new market data released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in September 2010 beat market expectations and were at a seasonally adjusted annual rate of 307,000.  This represents the second straight month of gains, but still well below the pace when a tax credit existed.

This is 6.6 percent (±16.9%) above the revised August rate of 288,000, but is 21.5 percent (±13.3%) below the September 2009 estimate of 391,000.

The median sales price of new houses sold in September 2010 was $223,800; the average sales price was $257,500. The seasonally adjusted estimate of new houses for sale at the end of September was 204,000.

There’s also still plenty of supply, with the government estimating supply of eight months of unsold homes, though that’s down from 8.6 months in August. The stock of unsold houses fell 1% from August and dropped 19% from Sept. 2009.

New-home sales won't be affected by foreclosure disputes and could benefit by virtue of purchasers getting “clean” title when buying new properties.

Contact me to find the builders and best buys for new homes in Mercer County and surrounding areas.

Joe Giancarli, SA
Real Estate Advisor

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