Whoops, last month’s ‘acceleration’ revised away.
Again, with purchase mtgs down and cash buyers down, hard to see total sales rising. And prices down as well, continuing that troubling tendency…
New home sales, at a 467,000 annual rate, managed to top August’s great surge but only after August was revised sharply lower, from 504,000 to 466,000. Still, September’s 467,000 rate is the best of the recovery, going back to July 2008 with August’s 466,000 right behind in second place.
Price concession may be a key factor behind the September and August gains, gains that have lifted sales from this year’s earlier run in low 400,000s. The median price plunged a monthly 9.7 percent to $259,000. The year-on -year rate is in the minus column, at minus 4.0 percent, for only the second time in the last two years. Before this month, the year-on-year price was trending upward in the high single digits.