Market Updates
New Home Sales Surge 5.7% Confirming Recent Housing Market Strenght
Barry Randall
24 Oct, 2012
New York City
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New home sales in September rose to the best level in two years on low mortgage rates and banks write more mortgages. Sales in the month increased 5.7% from August and surged 27% fro a year ago.
New home sales increased 5.7% in September from a month ago. The annual rate of home sales increased to 389,000 in September was the highest in two years and 27% more than a year ago.
Single family new homes sold in September at an annualized rate of 389,000, up 27.1% from a year ago and the best rate since 422,000 in April of 2010 when first-time home buyers tax credit expired.
Median home price last month declined 3.2% to $242,400 from the revised August data and average home price was $292,400. The median price in September was 11.7% higher from a year ago.
Sales in the South rose 16.8% and in the Northeast gained 16.7% but plunged 37.3% in the Midwest and gained 3.9% in the West.
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