U.S. single-family home sales up 5 percent

October 24, 2012 11:00AM

New single-family home sales spiked last month, according to a release issued by the U.S. Census Bureau and the Department of Housing and Urban Development. September’s numbers have reached their highest level since April 2010, when a first-time buyer tax credit gave sales got a boost, Reuters reported.

Sales gained 5.7 percent in September to a seasonally adjusted rate of 389,000 units. August’s number initially came in at 373,000 units, as The Real Deal previously reported, but was revised down to 368,000. Year-over-year, September’s seasonally adjusted rate shows a 27.1 percent year-over-year gain.

Despite an unexpected plummet in June, the tally picked up some steam in July with a 3.6 percent month-over-month rise.

The median sales price of new homes last month came in at $242,400, and the average sales price at $292,400.

As reported yesterday, home prices rose in the second quarter of 2012 by the greatest amount in more than six years thanks in part to the Federal Reserve’s policy of buying up mortgage-backed securities.

Regionally, results were generally in the positive territory. The Midwest was the only region to post both month-over-month and year-over-year declines: 37.3 percent and 31.9 percent, respectively. Month-over-month, the West, Northeast and South posted respective 3.9 percent, 16.7 percent and 16.8 percent gains. — Zachary Kussin