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Sales of newly built, single-family homes inched up 0.2 percent in September to a seasonally adjusted annual rate of 467,000 units, the highest level in six years, according to newly released data by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau. Sales numbers for August were revised down from 504,000 to 466,000.
"Three consecutive months of sales upticks demonstrate steady growth in the housing market," said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. "Consistent job creation and low mortgage interest rates are spurring the release of pent-up consumer demand."
The inventory of new homes for sale increased to 207,000 in September, which is a 5.3-month supply at the current sales pace.
Regionally, new home sales rose 12.3 percent in the Midwest and two percent in the South. Sales were unchanged in the Northeast and dropped 8.9 percent in the West.
"The August revision was not unexpected, as this figure seemed out of line with the modest housing recovery we have been seeing," said NAHB Chief Economist David Crowe. "The continuing increase in the inventory of new homes points to builders' confidence in the market."