Sales of new homes dropped unexpectedly in September as the effects of a soon-to-expire tax credit for first-time buyers started to wane. The Commerce Department says sales fell 3.6% to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000. It was the first decline since March. Sales in September were down 7.8% from a year ago. The median sales price of $204,800 was off 9.1% from $225,200 a year earlier, but up 2.5% from August’s level of $199,900.
U.S. new-home sales fall
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
