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U.S. new home sales plunge in September

Xinhua, October 27, 2015 Adjust font size:

Sales of U.S. new homes plunged in September, disrupting a trend of steady improvement over the past few months.

The sales of new single-family houses in September were at a seasonally adjusted annual rate of 468,000, 11.5 percent below the revised August rate, the Commerce Department said Monday.

The median sales price of new houses stood at 296,900 U.S. dollars in the month. The seasonally adjusted estimate of new houses for sale at the end of September was 225,000 units, which represented a supply of 5.8 months at the current sales rate.

New home sales, though accounting for only a small share of total sales in the housing market, still have an important impact on job creation and household consumption.

Monday's data goes counter to other industry data. Total existing home sales rebounded 4.7 percent from the previous month to a seasonally adjusted annual rate of 5.55 million in September, data from the National Association of Realtors showed last week.

Existing home sales account for a larger share of the market than new home sales. Enditem