Industry News

New-home sales, prices drop in September

Median price of new single-family houses down 9.7%

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The median price of new houses sold in September dropped 9.7 percent and the sales rate fell about 14.2 percent compared to September 2005, the U.S. Census Bureau and Department of Housing and Urban Development reported today. Sales of new single-family houses in September 2006 were at a seasonally adjusted annual rate of about 1.08 million, which is 5.3 percent above the revised August rate. The seasonally adjusted estimate of new houses for sale at the end of September was 557,000. This represents a supply of 6.4 months at the current sales rate. The seasonally adjusted annual rate is a projection of one month's sales over a 12-month period, accounting for seasonal fluctuations that can impact sales. The median sales price of new single-family houses sold in September 2006 was $217,100 and the average sales price was $293,200. The median price fell 9.3 percent from August to September, while the average price dropped 6.6 percent since August and was down 2.1 percent from September ...