Industry News

September’s new-home sales down 23%

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The sales rate for new single-family homes equaled the lowest rate for that month since September 1996, and sales were down about 23.3 percent compared to the same month last year, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. The supply of homes for sale in September was 8.3 months, which was the largest supply for that month since September 1990 when it stood at 8.4 months. The months' supply is a projection of how long it would take to exhaust the inventory of for-sale homes at that month's sales rate. A supply of greater than six months is generally considered to indicate a buyer's market. The supply reached nine months in August. New homes spent a median 5.9 months for sale since completion in September, which was the highest level for that month since reaching 6.2 months in September 1992. That compares to a median 3.4 months for sale in September 2006. The seasonally adjusted annual rate of single-family home sales was 7...