Residential sales increase in September

By: Lee Fehrenbacher//October 24, 2012//

Residential sales increase in September

Lee Fehrenbacher//October 24, 2012//

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Continuing a topsy-turvy path of ups and downs, national residential sales in September edged up once again.

Following a decrease in June, an increase in July and a decrease in August, sales of single-family homes increased 5.7 percent to a seasonally adjusted annual rate of 389,000 units, according to the most recent report from the U.S. Department of Housing and Urban Development. The number of sales, however, has been increasing steadily throughout the year, and September鈥檚 number is the highest point so far. It is also 27.1 percent higher than a year ago.

According to the report, the median sales price of new houses sold last month dropped 5.6 percent to $242,400; the average sales price dropped just 1 percent to $292,400. There is a 4.5-month supply of new homes for sale at the current sales rate.

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