New Home Sales Relatively Strong, Despite Downward Revision


Posted To: MND NewsWire

New home sales resumed their upward march in September, rising above August sales which had retreated significantly from a near decade-long high of 629,000 units set in July. The Census Bureau and Department of Housing and Urban Development said newly constructed homes were sold at a seasonally adjusted annual rate of 593,000 in September, up 3.1 percent from August. The number was an improvement however only because the sales rate for August was revised down from the original report of 609,000 units to 575,000. September sales were 29.8 percent higher than a year earlier when the estimate was 457,000 The September results were in the middle of the range of analysts’ expectations. According to Econoday, predictions varied between 570,000 and 635,000 with a consensus of 601,000. On a non-seasonally…(read more)

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