The pace of new home sales edged up 0.2% last month to an annual rate of 467,000, compared to a revised 466,000 in August, the government said Friday.
New-home purchases for August were revised down sharply from an initial estimate of 504,000 and the Commerce Department also trimmed the sales figures for July and June. The report is notoriously volatile and often subject to sharp monthly revisions.
Still, new home sales in September were the highest since July 2008. And sales of new homes are 17% higher now compared to the same month in 2013, a sign that the housing market continues to get healthier. Home prices are rising at a slower pace and 30-year mortgage rates have fallen back below 4%, making houses somewhat more affordable.
“Despite the negative revisions, the new data doesn’t change the overall picture of a gradually improving housing market,” said Andrew Grantham, senior economist at CIBC World Markets.
By Jeffry Bartash @ MarketWatch