The Census Bureau also reported that the median sales price for new homes sold in August was $256,900 and the average sales price was $295,30000. In July, the median sales price for a new house was $224,200 and the average sales price was $273,900.
At the end of August the number of new homes for sale totaled 141,000, a supply of 4.5 months, down slightly from an inventory totaling 142,000 at the end of July.
The Mortgage Bankers Association reported earlier today that mortgage applications for purchases rose by 2.8% last week. The average contract interest rate for a 30-year fixed rate conforming mortgage fell to 3.63% last week. Refinancings made up 81.2% of the new mortgage applications.
Paul Ausick
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