Thanks to a dramatic downward revision for August (from 609k to 575k), September's 593k new home sales rose more than expected (but was below expectations of 600k). The pickup in September demand was helped by an 8.6% gain in the Midwest and a 3.4% increase in the South, but sales fell 4.5% in the West.
But there were dramatic downward revisions for June, July, and August…
The supply of homes fell to 4.8 months, from 4.9 months in August. There were 235,000 new houses on the market at the end of September, little changed from the previous two months.
The median sales price of a new house rose 1.9 percent from September 2015 to $313,500, Wednesday’s report showed.
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