News Column

US New Home Sales Up in September

Oct. 25, 2012
New Homes

Sales of new single-family houses in the United States rose 5.7 percent in September despite a price decrease, evidence of a recovering property market, figures from the U.S. Commerce Department showed on Wednesday.

Sales of new single-family houses in September rose to a seasonally adjusted annual rate of 389,000 units, up 5.7 percent from August, and was 27.1 percent higher than a year ago.

Meanwhile, the median sales price of new houses sold in September edged down to 242,400 U.S. dollars from 250,400 dollars in August.

The seasonally adjusted estimate of new houses for sale at the end of September was 145,000 units, which represented a supply of 4.5 months at the current sales rate.

Although record-low mortgage rates and lower prices have made home buying more affordable, due to tight credit standards, many Americans are still having difficulty qualifying for home loans. Economists also cited weak job creation and stagnant wages as restraints on housing market.

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Source: (c) 2012 Xinhua News Agency - CEIS

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