–Median Sales Price Falls 13.9% To Lowest Level Since October 2003
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales
retraced its September gain, falling to an annual rate of 283,000 in
October after seasonal adjustment, data released Wednesday by the
Commerce Department showed.
Home sales were up 3.1% in the large South region in October, but
fell sharply in the other three regions.
Analysts had expected a rise in sales to a 310,000 seasonally
adjusted annual rate. There were mixed revisions to sales in the
previous two months.
On an unadjusted basis, new home sales were fell 4.2% from
September, and were down 30.3% from a year ago.
The supply of homes for sale fell 0.5% to 202,000 in October, again
the lowest level since 201,000 in June 1968. As a result of the much
slower sales pace and only a modest supply decline, the months supply
rose to 8.6 months from 7.9 months in September.
The median sales price fell 13.9% to $194,900 in October, the
lowest since October 2003 and down 9.4% from a year ago.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
