New-Home Sales Surge 5.7% in September
New-home sales posted their largest gain in more than two years in September, the Census Bureau reported Wednesday. New-home sales rose 5.7 percent in September over August and are 27.1 percent higher year-over-year.
The median price of a new home in September was $242,400, up 11.7 percent from a year earlier. Analysts contribute the increase to the tight supply of inventories of new-homes on the market. Inventories of new-homes are at their tightest supplies since August 2005.
New-Home Sales Surge 5.7% in September
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