Steel Markets
October 26, 2020
New Home Sales Strong Despite Slipping in September
Written by Sandy Williams
Residential housing construction remains in high demand as consumers take advantage of favorable interest rates. Sales of new single-family homes in September slipped 3.5 percent from August to a seasonally adjusted annual rate of 959,000, but were 32 percent higher than a year ago. Sales in the Northeast fell 28.9 percent from September and sales in the Midwest and South were down 4.1 percent and 4.7 percent, respectively. Only the West posted a gain last month, up by 3.8 percent.
The median sales price rose to $326,800 and the average sales price was $405,400. An estimated 284,000 new homes were for sale at the end of September representing a supply of 3.6 months at the current sales rate, said the Commerce report.
