September New Home Sales Jumps Almost 20%
This morning's release of the September New Home Sales from the Census Bureau came in at 667K, up 18.9% month-over-month from a revised 561K in August. Seasonally adjusted estimates back to June were also revised. The Investing.com forecast was for 555K.
Here is the opening from the report:
Sales of new single-family houses in September 2017 were at a seasonally adjusted annual rate of 667,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 18.9 percent (±19.0 percent)* above the revised August rate of 561,000 and is 17.0 percent (±22.4 percent)* above the September 2016 estimate of 570,000.
The median sales price of new houses sold in September 2017 was $319,700. The average sales price was $385,200. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame, we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.