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Sales of new homes increased 5.3 percent in September, according to a joint report by the U.S. Census Bureau and the Department of Housing and Urban Development. Although this was an improvement over August, it was 14.2 percent below August 2005 levels.

“Long-term interest rates fell back to the lows for the year last month, bringing buyers to the closing table and stability to the housing market,” said Bob Walters, Chief Economist for Quicken Loans. “The Fed’s decision yesterday to hold short-term interest rates steady and the currently favorable unemployment figures will also provide a solid foundation for housing going forward.”

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