New home sales jump to 2 1/2 year high in September

October 24, 2012

(Patrick Wong/Getty Images)

New home sales grew 5.7 percent to a seasonally adjusted annual rate of 389,000 last month. The growth was a significant rebound after new home sales fell off in August to a revised rate of 368,000. That followed a two-year high of 374,000 in July — more indications that the new home market is recovering in fits and starts.

Sales were up 27.1 percent from September 2011.

The median sales price of a new home sold in September was $242,000, down from $256,900 in August. There were 145,000 new homes for sale at the end of September, up from 141,000 in August.

Earlier this month, the Census Bureau said that national housing starts rose 15 percent in September to their highest level since July 2008, while building permits soared 11.6 percent last month. The National Association of Home Builders also said earlier this month that builder confidence was at its highest level since June 2006.

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Kathy Orton is a reporter and Web editor for the Real Estate section. She covers the Washington metropolitan area housing market.
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