New Home Sales Fell 1.9% In October

Posted by Patrick Barnard on November 28, 2016 No Comments
Categories : Residential Mortgage

New home sales in October were at a seasonally adjusted annual rate of about 563,000, a decrease of 1.9% compared with the revised September rate of about 574,000 but an increase of 17.8% compared with about 478,000 in October 2015, according to estimates released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The median sales price of a new single-family home sold in October was $304,500; the average sales price was $354,900.

As of the end of October, there were about 246,000 new homes for sale in the U.S. – about a 5.2-month supply at the current sales rate.

New home sales for the month were down 13.7% in the Midwest, down 9.1% in the Northeast and down 3.0% in the South. The only region that saw new home sales increase was the West, where they rose 8.8%.

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