WASHINGTON (MarketWatch) -- U.S. sales of new homes unexpectedly fell for the first time since March, clouding what had been a sunny period for the beleaguered housing sector,
Sales fell 3.6% in September to a seasonally adjusted annual rate of 402,000, the Commerce Department reported Wednesday.
Economists had expected sales to rise to 438,000 in September boosted by a tax credit for first-time home buyers and an innovative Federal Reserve policy designed to keep mortgage rates low.
Economists were optimistic because existing home sales jumped to their highest level in 2 years in September.
Sales were moderately lower in all regions, with the Midwest and West leading the way.
Compared with September 2008, last month's sales were down 7.8%.
In September, the number of unsold new homes on the market slipped 3.8% to 251,000, the fewest since November 1982. That represented a 7.5-month supply at the September sales pace.
The median sales price of $204,800 in September was down 9.1% compared with a year earlier.
The government cautions that its housing data are subject to large sampling and other statistical errors. Large revisions are common.
It can take up to six months for a trend in sales to emerge. New-home sales have averaged 391,000 per month over the past six months. This is up from the average of 355,000 in the six months ended in June. Sales hit an all-time low of 329,000 in January.
In a separate report Friday, the Commerce Department said orders for durable goods rose 1.0% in September, reflecting strengthening business investment.
