New home sales jumped month over month in September, according to estimates released jointly by the Census Bureau and the Department of Housing and Urban Development.
Sales of new single-family houses during the month were at a seasonally adjusted annual rate of 667,000, which is 18.9% above the revised August rate of 561,000. On a year-over-year basis, the latest rate is 17% above the September 2016 estimate of 570,000.
September recorded a median sales price of new houses sold during the period of $319,700. The average sales price was $385,200. These compare to the median sales price of new houses sold in August of $300,200 and the average sales price of $368,100.
At the end of September, the seasonally adjusted estimate of new houses for sale was 279,000, which represents a supply of 5 months at the current sales rate. At the end of August, the seasonally adjusted estimate of new houses for sale was 284,000, which represents a supply of 6.1 months at the then-current sales rate.