New Home Sales Rise 5.7%

It might not be as sexy as the new iPhone, but Americans bought something else last month that matters a lot to the U.S. economy: new homes. Sales of new single-family houses shot up 5.7% in September, according to a U.S. Census Bureau report released today. 

The September spike equates to a seasonally adjusted annual rate of 389,000 homes, 21,000 more than the revised August rate. . The last rate this high occurred during the height of stimulus efforts in 2010. 

Sales in the South led the nation, increasing 16.8%. Midwest sales dropped 37% between August and September, but the region accounted for only about 8% of sales, compared to the South's 55%.

At the same time, supply remained low and the median sales price dropped 3% to $242,400. The average sales price was $292,400. 

You can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2073255, ~/Articles/ArticleHandler.aspx, 10/22/2014 6:01:07 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement