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Financial News: U.S. New Home Sales Unexpectedly Spike 18.9% In

U.S. New Home Sales Unexpectedly Spike 18.9% In September

10/25/2017 - 10:25:00 (RTTNews)

(RTTNews) - New home sales in the U.S. showed a substantial increase in the month of September, according to a report released by the Commerce Department on Wednesday.

The report said new home sales surged up by 18.9 percent to an annual rate of 667,000 in September from a revised rate of 561,000 in August.

Economists had expected new home sales to drop to a rate of 555,000 from the 560,000 originally reported for the previous month.

New home sales in the Northeast spiked by 33.3 percent to a rate of 48,000, while new home sales in the South jumped by 25.8 percent to a rate of 405,000.

The Commerce Department said new home sales in the Midwest also climbed by 10.6 percent and new home sales in the West rose by 2.9 percent.

The median sales price of news houses sold in September was $319,700 compared to $303,800 in August and $314,800 in the same month a year ago.

The seasonally-adjusted estimate of new houses for sale at the end of September was 279,000, representing a supply of 5.0 months at the current sales rate

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