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Statement by U.S. Commerce Department Under Secretary Rebecca Blank on New Home Sales in September

The Commerce Department’s U.S. Census Bureau today released new home sales data for September 2010.  Sales of new, single-family homes increased 6.6 percent, exceeding private-sector expectations of a 4.2 percent increase.  Sales have increased 8.9 percent from the historic low posted in May.  

"Today’s data showed relatively strong single-family home sales in September compared to expectations," said U.S. Commerce Department Under Secretary for Economic Affairs Rebecca Blank.  "While we’re seeing improvement, the overall housing sector still faces substantial challenges, including the large supply of existing homes on the market, and activity remains at a low level. However, falling prices and historically low mortgage rates have created a favorable environment for many households that are ready to buy a new home.”