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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: CalculatedRisk who wrote (44374)10/27/2005 12:57:15 PM
From: russwinter  Read Replies (1) of 110194
 
Half A Million New Homes For Sale: Commerce
thehousingbubble2.blogspot.com

Reuters has the latest on new home sales. "Sales of new homes rose more slowly than expected in September, while the number of new houses on the market hit a record and median prices fell, according to a government report on Thursday that could signal cooling in the housing boom."

"The Commerce Department said new single-family home sales rose 2.1 percent last month to a seasonally adjusted annual rate of 1.222 million units from 1.197 million unit pace in August. While sales rose, the supply of homes available for sale shot up to a record 493,000 at the end of September, surpassing August's high of 478,000. The median home sales price fell 5.7 percent to $215,700."

"Recent data have begun to suggest some cooling in the market. Earlier this week, a trade group said home resales came in flat in September but would have been lower if not for aggressive buying around hurricane-impacted areas."

"Regionally, new home sales in September jumped 24.9 percent in the Midwest and 5.6 percent in the South. But sales tumbled 20 percent in the Northeast and 11.8 percent in the West, the regions that have posted the double-digit home price appreciation that many economists think is unsustainable."
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