New home sales were flat in September after a big downward revision to August’s report.
New home sales rose 0.2% to an annualized pace of 467,000 in September, while August’s blowout number was revised down to a pace of 466,000 from a prior report of 504,000.
Expectations were for new home sales to fall 6.8% in September to an annualized selling rate of 470,000, down from August’s 18% increase to an annualized rate of 504,000.
According to the latest report from the Census, the median home sales price in September was $US259,000 and the average was $US313,200.
The report also showed that the current rate of sales represents 5.3 months supply at the current sales rate.