Septmeber Housing Data Surprises Wall Street

  • October 28, 2008
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September new home sales are up after builders are cutting prices to the lowest level in 4 years. The annual sales pace of homes is up 2.7% in September to 464,000 homes from 452,000 in August (http://www.reuters.com/article/economicNews/idUSN2731978320081027). The medium sales home price fell 9.1% from a year ago to $218,400. $218,400 represents the lowest price in housing since the $211,600 level reached in 2004. Buyers are snatching up homes attracted by the low prices. This is reflected in housing inventory which is currently at 394,000 the lowest level since the 383,000 homes for sale in June 2004 (http://www.reuters.com/article/economicNews/idUSN2731978320081027). Looks like houses are finally moving, may be money is moving out of the stock market and back into housing.

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