New home sales were stronger than anticipated in September, according to the U.S. Census Bureau.
At an annual rate of 464,000 units, the rate was above the consensus forecast of 450,000, CNN reported. Sales were 2.7% higher than in August, however, they remained only slightly higher than the 17-year low reported in August, according to CNN. September sales were down 33.1% from September of 2007, and far below the pace of the boom years, CNN added.
The median price of a new home in September was $218,400, down from $221,900 in August. Real estate professionals don't expect any further improvement in sales for the remainder of the year. Read the full article.