New Home Sales Up in Sept. Oct 27, 2010

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Sales of new single-family houses in September 2010 were at a seasonally adjusted annual rate of 307,000, up 6.6% from the revised August rate of 288,000.

The estimates, released by the U.S. Census Bureau and the Department of Housing and Urban Development, has housing down 21.5% from September 2009 (391,000) when new homes were being bought at an accelerated rate in advance of the first deadline for the federal home buyer tax credit.

The median sales price of new houses sold in September 2010 was $223,800; the average sales price was $257,500. The seasonally adjusted estimate of new houses for sale at the end of September was 204,000. This represents a supply of 8.0 months at the current sales rate.

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