Thursday, October 27, 2005

Housing Numbers

The Commerce Department said Hurricane Katrina had a minimal impact on new residential sales for September. 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. At September's sales pace, that represented a 4.9 months' supply. The median home sales price fell 5.7 percent to $215,700. Also the Mortgage Bankers Association said mortgage applications fell last week to a six-month low.

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 (MSN Article). The Housing Report is available here.

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