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New home sales on the rise in September

October 28, 2010 - Government data showed that rising demand from relocating families spurred home sales increases last month.

The Commerce Department reported that new home sales rose to a seasonally adjusted annual rate of 307,000 in September, 6.6 percent above a revised August estimate of 288,000. At the same time, new home sales remained well off pace from a year ago, when sales were 21.5 percent higher, showing that the housing market may still have a long way to go to recovery.

"The fact that new-home sales are finally moving in the right direction - albeit slowly - is definitely good news following an exceptionally quiet summer," said Bob Jones, chairman of the National Association of Home Builders.

The government report added that the nation's inventory of new homes for sale dropped to 204,000 - an 8 month supply at current sales rates. That's an encouraging sign for builders that relocating families are still shopping for new homes.

Experts were also buoyed by a report from the Mortgage Bankers Association, which noted that more people sought mortgages to finance their relocations to a new home during the week ending October 22, increasing purchase activity by 3.9 percent.
 

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