The Census Bureau also reported that the median sales price for new homes sold in September was $242,400 and the average sales price was $292,400. In August, the median sales price for a new house was $256,900 and the average sales price was $273,900.
At the end of September the number of new homes for sale totaled 145,000, a supply of 4.5 months, up slightly from an inventory totaling 141,000 at the end of August.
The Mortgage Bankers Association reported earlier today that mortgage applications for purchases fell by 8% last week. The average contract interest rate for a 30-year fixed rate conforming mortgage rose to 3.63% last week. Refinancings made up 81% of the new mortgage applications.
Paul Ausick
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