U.S. New Home Sales Drop 3.6% in September 2009

October 28, 2009 by · Leave a Comment
Filed under: Real Estate News 

This is one of the more important indicators for the U.S. residential home market at the moment.   Many homes these days are new homes so this gives insight into how that market is moving.   We moved 402,000 units in September.   Their has been much debate and discussion about whether to extend the first-time home-buyers $8,000.00 dollar credit.  With this number coming in and the recovery not looking at sure as it was even two weeks ago, we should see some movement on this issue.

New home sales fell to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.

New home sales, however, are still up 22 percent from the bottom in January, and analysts don’t expect them to recede too far.

“We’re starting to climb out of a very deep, dark cave,” said Adam York, an economist with Wells Fargo Securities. “It’s going to be a long process.”

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