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New home sales climb 5.7 percent in September

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(Read caption) This graph shows new single family home sales since 2004. Last month, sales rose 27.1 percent above the level seen a year ago.

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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for September showing a notable monthly improvement with sales climbing 5.7% since August and rising 27.1% above the level seen in September 2011 though remaining at an historically low level of 389K SAAR units.

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It's important to recognize that the inventory of new homes appears to now be bouncing around a very low 145K units, near the lowest level seen in in at least 47 years while the median number of months for sale has improved to 6.5. 

The monthly supply declined to 4.5 months while the median selling price increased 11.71% and the average selling price increased 14.49% from the year ago level. 

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