Sales of newly built single-family homes in the United States increased in September, posting a 2.7% gain to a seasonally adjusted annual rate of 464,000 units, according to the U.S. Commerce Department. The report also indicated that builders are making substantial progress in winnowing down the months' supply of unsold units on the market.
The number of new homes for sale shrank to 394,000 units in September, down from 425,000 units in August. At the current sales pace, there was a 10.4 months' supply of unsold new units on the market, versus an 11.4 months' supply in August. Meanwhile, the median number of months that completed new homes have been on the market moved up to 9.1 - a new record.
Regionally, sales activity gained 22.7% in the West and 0.7% in the South in September, but at the same time declined 21.4% in the Northeast and 5.8% in the Midwest.
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