New Home Sales Dip in October, September Sales Substantially Revised

Sales of new homes dipped slightly inrnOctober to a seasonally adjusted annual rate of 368,000 units according torninformation released this morning from the U.S. Census Bureau and thernDepartment of Housing and Urban Development. rnThe October rate is 0.3 percent below the September figure of 369,000rnbut is 17.2 percent higher than the estimate of 314,000 in October 2011.  </p

The September figure represented arnsubstantial downward revision; sales were originally reported at a rate of 389,000rnunits and this follows a large revision last month to the August figures. Thusrndespite sizable increases announced in both September and August, there hasrnbeen no increase in new home sales since July.</p

The median price of a new home sold inrnOctober was $237,700 compared to $224,800 in October 2011.  The average sales price was $278,900 comparedrnto $258,300 one year earlier,</p

There are currently 147,000 new homesrnfor sale compared to 145,000 in September and 159,000 one year earlier.  Homes for sale in October represented a 4.8rnmonth supply at the current rate of sales.</p

Sales in the Northeast were at an annualrnrate of 21,000, down 32.3 percent from the previous month but a 10.5 percentrnincrease from October 2011.  In thernMidwest the annual rate of sales was 60,000, up 62.2 percent month-over-monthrnand 17.6 percent compared to one year earlier. rnSales in the South were at a rate of 176,000 units, down 11.6 percentrnfrom September and up 9.3 percent from the previous year.  In the West sales increased 8.8 percent fromrnSeptember and 33.7 percent from October 2011 to a rate of 111,000 units.</p

On a non-seasonally adjusted basis salesrnnationally were at a rate of 29,000, unchanged from the previous month butrn4,000 units higher than one year earlier. rnTwo thousand units were sold in the Northeast, 5,000 in the Midwest, andrn9,000 in the West.  Nearly half thernsales, 14,000, were in the South. </p

New Home Sales</p

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