Cleaning & Restoration Breaking News

US new home sales hit record pace in September

October 24, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON, Oct 25 (Reuters) - Sales of new U.S. homes crept up to a record level in September, the government said on Friday, as the lowest mortgage rates since the 1960s helped keep at least one sector of the economy shining.

Sales of new single-family houses climbed 0.4 percent to a seasonally adjusted annual rate of 1.021 million units last month from an upwardly revised 1.017 million unit pace in August, the Commerce Department said.

The sales performance was stronger than economists had expected. Wall Street had looked for the sales rate to slip to 991,000 units from the previously reported 996,000 homes rate in August.

The housing market has continued to thrive, helped by the lowest mortgages rates in over a generation, even as much of the rest of the economy sputters in a weak recovery.

A separate report on Friday showed existing homes sales were strong last month as well. The National Association of Realtors said existing home sales rose 1.9 percent in September to a 5.40 million unit annual rate. New home sales were strong in the Northeast, rising 94.2 percent to their highest level since January 1997, and in the West, where activity increased 2.2 percent.

That strength more than offset weakness in the South and Midwest. In the South, where the lion's share of home sales take place, sales fell 8.6 percent, and in the Midwest sales were off 4.1 percent.

Despite September's sales record, the inventory of homes on the market rose to a 4.0 months' supply at last month's sales pace. That's because the number of homes on the market at month's end moved up to 332,000 -- the highest level since August 1996 -- from 330,000 a month earlier.

The department said the median sales price of new single-family houses, the level at which half of the homes sold for more and half sold for less, rose to $176,300 last month from $174,700 in August.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Don't underestimate the value of a good Internet marketing plan. In fact, if you do this right, it's not uncommon to see ROI along the lines of 30-to-1. Here's a look at 27 free and low-cost tips that you can begin implementing within your cleaning business today to drive more business.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 August

The August issue of ICS features stories on carpet mold, good training, marketing for cleaners, traffic lane cleaning, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo