Huge Downward Revision In August New Home Sales

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.

More to come …

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