BEAZER HOMES USA (BZH) 4.72 -$0.17 (-3.48%) 06:27PM (15 mins delay)

September New Home Sales Sink

Oct 28, 2009 - 1:24 PM EDT

Zacks.com submits:

In distinct contrast to the existing home sales report last week, new home sales were ugly in September, falling 3.6% for the month and down 7.8% year over year. The seasonally adjusted annual rate in September was 402.000 down from 417,000 in August, which was revised down from the originally reported 429,000. This came in well below consensus expectations of 440,000.

The good news in the report was that inventories also continued to decline, to 251,000 from 261,000 in August (down 3.8%) and from 395,000 a year ago (down 36.5%). That kept the months of supply metric even at 7.5 months, a big improvement over the 10.9 months of a year ago, and the scary peak of 12.4 months in January.

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Source: Seeking Alpha (Oct 28, 2009 - 1:24 PM EDT)