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US housing improves from 1 year ago

Posted on Monday, October 26, 2015 at 1:03:44 PM

Single-family homes were at a seasonally adjusted annual rate (SAAR) of 468,000 last month, according to new figures announced today in a joint press release from the Department of Housing and Urban Development and the U.S. Census Bureau. While the SAAR is an 11.5 percent decrease from the 529,000 rate recorded in August, it is a 2 percent improvement over the 459,000 estimates recorded one year ago in September 2014.

The average sales price of a new home sold in September was $364,100, and the estimate of new houses for sale at the end of last month, seasonally adjusted, was 225,000. Analysts expected a drop-off in September's figures following the seven-year high recorded in August, U.S. News and World Report concluded, and though the drop was slightly more than was predicted, economics experts were quick to express confidence and explain the inherent variability of the data. 

In the wider context of a strong housing market, with the National Association of Realtors reporting a month-over-month sales increase of 4.7 percent in September, today's housing report can be classified as a minor incident, one that still shows growth, but not the robust sort reported by many other outlets. For those applying for first time homebuyer credit, be sure that the market is in a great place, and will continue to grow.