Sales of newly built single-family homes fell 3.6 percent from August to September to a seasonally adjusted annual rate of 402,000, a 7.8 percent decline from a year ago, the Census Bureau said today.

It was the first month-over-month decline in new-home sales since March, although builders were still able to chip away at the inventory of new homes on the market, which fell 4 percent from August to a seasonally adjusted 251,000 units.

Sales of newly built single-family homes fell 3.6 percent from August to September to a seasonally adjusted annual rate of 402,000, a 7.8 percent decline from a year ago, the Census Bureau said today.

It was the first month-over-month decline in new-home sales since March, although builders were still able to chip away at the inventory of new homes on the market, which fell 4 percent from August to a seasonally adjusted 251,000 units.

That represented 7.5 months of supply — unchanged from August, thanks to the slower pace of sales — down from a recent peak of 12.4 months in January, when there were 340,000 new homes for sale. Housing analysts consider six months of supply to be a healthier balance between supply and demand.

At $204,800, the median sales price of new homes sold in September was down 9 percent from a year ago.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

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
Don’t miss out! Inman Connect Las Vegas is this week and you can catch all the excitement with a virtual ticket.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
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