Sept New & Existing Home Sales Bounce Off Lows. Median New Price: $224k. Median Existing Price: $172k

The Census Bureau reported this morning that sales of new single-family houses in September 2010 were at a seasonally adjusted annual rate of 307,000, which is 6.6% above August—a month where new home sales were the second lowest ever behind May—but 21.5% below the September 2009 figure of 391,000. The September median new home sale price $223,800 and the average sales price was $257,500. The seasonally adjusted estimate of new houses for sale at the end of September was 204,000. This represents a supply of 8.0 months at the current sales rate.

Yesterday, the National Association of Realtors reported that September existing home sales (which are completed transactions on single-family, townhomes, condominiums and co-ops) jumped 10% to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1% below the 5.60 million-unit pace in September 2009 when buyers were active ahead of the initial deadline for the tax credit last November. The national median existing home price for all housing types was $171,700 in September, which is 2.4 percent below a year ago. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009. Overall these housing numbers are better, but yesterday’s Case Shiller home price report still suggests weakness.