New home sales beat expectations in September, according to the latest data from the Census Bureau…(Census Bureau)
- M-O-M: Sales of new single‐family homes jumped 14.0% to a seasonally adjusted annual rate of 800,000.
- Y-O-Y: Sales were down 17.6% from the September 2020 estimate of 971,000.
BEAT THE STREET: Economists had projected a smaller increase to 760k.
Keeping with the trend of 2021, the median and average sales price were up in September…
- MEDIAN sales price was $408,800 a month-over-month increase of 4.5% and a year-over-year increase of 25%.
- AVERAGE sales price was $451,700 a month-over-month increase of 1.9% and a year-over-year increase of 11.4%.
Inventory levels have reached 379,000 which is slightly higher than last month’s 378k and up significantly from the 284,000 reported in September 2020.
- NOTE: The increase in sales means the supply has fallen to 5.7 months which is down from 6.1 months in July but up slightly from 3.6 months a year ago.