Posted October 26, 2015

New single-family home sales slide 11.5 percent in September

Existing-home sales rise 4.7 percent.

Sales of new single-family houses in September 2015 were at a seasonally adjusted annual rate of 468,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 11.5 percent (±11.3%) below the revised August rate of 529,000, but is 2.0 percent (±17.9%)* above the September 2014 estimate of 459,000.

Industry analysts observe that the volatile housing market continues to trend 17.6 percent ahead of the first nine months of 2014. They also cite an ongoing worker shortage as a factor dampening new home production. Construction employers added just 142,000 jobs compared to an average of 167,000 per month from June through August.

Sales of existing homes, which represent roughly 90 percent of the housing market, rose 4.7 percent in September to the second-highest pace in eight years. Builder optimism is likewise strong, hitting a 10-year high this month. 

The median sales price of new houses sold in September 2015 was $296,900; the average sales price was $364,100.

The seasonally adjusted estimate of new houses for sale at the end of September was 225,000. This represents a supply of 5.8 months at the current sales rate.