Sales of new single-family houses in September were at a seasonally adjusted annual rate of 313,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.7% above the revised August rate of 296,000, but it is 0.9% below the September 2010 estimate of 316,000.
The median sales price of new houses sold in September was $204,400; the average sales price was $243,900. The seasonally adjusted estimate of new houses for sale at the end of September was 163,000. This represents a supply of 6.2 months at the current sales rate.
Bob Nielsen, chairman of the National Association of Home Builders and a home builder from Reno, Nev., notes that data shows a significant change in home buying demographics.
‘The latest numbers reveal that first-time buyers are driving the new-homes market right now, as evidenced by the volume of lower-priced, entry-level homes under contract," he sneered. "It's worth noting that these consumers are very dependent upon federal policies and programs that support homeownership, such as the mortgage interest deduction and low down-payment mortgage options that have been threatened by recent government proposals.’Â