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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. 

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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.