Thursday, November 29, 2007

New Home Sales Drop 23.5% in October

New home sales dipped 23.5% in October to a seasonally adjusted annualized rate of 728,000 units, according to the most recent figures from the Census Bureau. That figure was reported widely as an month-to-month increase, but while it was a 1.7% increase over the revised September rate, it was well below the initially reported rate of 770,000 units in September.
Through the first ten months of 2007, some 689,000 new homes have been sold, down 24.2% from the same period last year.
The median new home price for October was $217,800, down 8.6% from September's median and down 13.0% from October, 2006's median price. Builders were reckoned to have 8.5 months worth of unsold inventory. The average house sold had been on the market nearly six months, up from 3.7 months in October, 2006.

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