Sales of new single-family homes rose 6.6 percent in September from a record low in July and August, the U.S. Department of Housing and Urban Development and Census Bureau announced today.

The agencies estimated that last month’s sales were at a seasonally adjusted annual rate of 307,000, up from August’s estimate of 288,000, but down 21.5 percent from September 2009.

The sales pace of new single-family homes rose 6.6 percent in September from a record low in July and August, the U.S. Department of Housing and Urban Development and Census Bureau announced today.

The agencies estimated that last month’s sales were at a seasonally adjusted annual rate of 307,000, up from August’s estimate of 288,000 but down 21.5 percent from September 2009.

Regionally, the West fared the worst in September: the region saw the biggest year-over-year drop, down 33.3 percent to 64,000, and was the only region to see a month-to-month drop, down 9.9 percent.

The South, which made up the bulk of new-home sales at 160,000, saw the sales pace rise a modest 3.2 percent month-to-month, and saw the smallest year-over-year decrease, 16.2 percent.

The Northeast, which had the nation’s smallest share of sales at 30,000, saw sale increase 3.4 percent month-to-month, but drop 18.9 percent year-over-year.

The Midwest accounted for much of the country’s increase in sales from August. The region saw the highest month-to-month increase in September, up 60.6 percent to 53,000. The region also saw the second-biggest year-over-year drop, however, down 20.9 percent.

Unsold inventory was at an eight-month supply at the current sales pace, a 7 percent drop from August but a 3.9 percent increase compared to the September 2009 rate.

The median sales price of new homes rose 1.5 percent month-to-month and 3.3 percent year-over-year in September, to $223,800. The average sales price fell 1.2 percent month-to-month and 11.3 percent year-over-year, to $257,500.

The largest share of homes, 38 percent, sold for between $200,000 and $299,000 in September.

Existing-home sales also rose month-to-month in September, and also experienced a double-digit percentage drop compared to September 2009. The National Association of Realtors attributed the drop to buyers "ramping up" before the original November deadline for the federal homebuyer tax credits last year.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×