WASHINGTON — The pace of new single-family home sales increased sharply by 18.9%, the largest percent change since January of 1992, to 667,000, the highest level seen since October 2007 at a seasonally adjusted annual rate in September, following modest upward revisions to the sales pace in the previous two months, data released by the Commerce Department Wednesday showed.
The sales pace came in well above expectations of 555,000, based on an MNI survey of economists. The difference between the expected and the actual was 112,000.
The supply of new homes for sale was unchanged at 279,000 in September. Based on the movements in sales and supply in September, the months supply fell 16.7% to 5 months from 6 months in August, falling below the 5.1 months supply a year ago.
With the supply of homes being unchanged, the median sales price of new homes saw a rise of 5.2% to $319,700 in September and was up 1.6% from September 2016.
Sales rose by 33.3% in the Northeast to 48,000, the highest level seen in the Northeast since January of 2008. Sales rose by 25.8% in the large South region, the highest level since July of 2007. Sales were also up 2.9% in the West region and 10.6% in the Midwest.
New home sales in August were revised up to a 561,000 rate from the 560,000 rate previously reported, while July sales were also revised up to a 582,000 rate from the 580,000 pace previously reported.
Year-to-date sales, before seasonal adjustment, were up 8.6% from the same nine month period a year ago.
