Thursday, October 28, 2010

September 2010 new home sales third lowest on record

New home sales are still scraping bottom:
New home sales edged higher in September, according to government figures reported Wednesday, but the recovery from the all-time lows reached earlier this year remained slow.

Sales of newly built single-family homes rose to an annual rate of 307,000 units in September from 288,000 units the month before, the Commerce Department said. ...

But the modest increase does not give "too much cause for hope," according to Celia Chen, a senior director at Moody's Analytics.

"Sales did rise which is good, but the pace is still very weak," Chen said. "It's still close to a record low. It just doesn't seem that demand is really firming."

The August sales were the third-lowest level since the Commerce Department started tracking new home sales in 1963, trailing only the 282,000 rate reported in May, and 285,000 in July.


  1. The lawyer in my office had a good point when it comes to predicting where the housing market will go. He likened it to a Magic 8 ball. Check it out

  2. another bidding war in Lyon Village

    Seriously, how does this happen? Buyer 1: what only 1Million for this 85yo house??? Ill give you 1.05Million!!!
    Buyer 2: what only 1.05Million for 1/10th of an acre??? Ill give you 1.08Million!!!

    This was supposed to be a bursted bubble, what the hell is wrong with these people???

  3. They are buildig here as low as $47 Sq FT in Augusta GA and it has destroyed the resale market.