Sales of new single-family houses in September 2014 were at a seasonally adjusted annual rate of 467,000, according to estimates released jointly last week by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.2 percent above the revised August rate of 466,000 and is 17.0 percent above the September 2013 estimate of 399,000.
The median sales price of new houses sold in September 2014 was $259,000; the average sales price was $313,200. The seasonally adjusted estimate of new houses for sale at the end of September was 207,000. This represents a supply of 5.3 months at the current sales rate.
"Three consecutive months of sales upticks demonstrate steady growth in the housing market," said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. "Consistent job creation and low mortgage interest rates are spurring the release of pent-up consumer demand."
"The August revision was not unexpected, as this figure seemed out of line with the modest housing recovery we have been seeing," said NAHB Chief Economist David Crowe. "The continuing increase in the inventory of new homes points to builders' confidence in the market."
Regionally, new home sales rose 12.3 percent in the Midwest and 2 percent in the South. Sales were unchanged in the Northeast and dropped 8.9 percent in the West.