–Downward Revisions To Previous Three Months For Net Revision Of -15
–Home Supply Flat, Months Supply Falls To 6.3, Low Since April 2010
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales rose
1.3% in October to an annual rate of 307,000 after seasonal adjustment,
a slower pace than expected and following downward revisions to the
previous three months, data released Monday by the Commerce Department
showed.
Analysts in a Market News International survey expected the pace of
new home sales to fall slightly to a 310,000 annual rate from the
originally reported 313,000 pace in September. There were downward
revisions to sales in the previous three months. Those adjustments
netted out to a 15,000 downward revision.
Sales were flat in the Northeast and were down 9.5% in the South,
but surged 22.2% in the Midwest and 14.9% in the West.
On an unadjusted basis, new home sales were unchanged from
September, but up 8.7% from October 2010.
The supply of homes for sale was flat at a tied record low of
162,000 in October. As a result of the small rise in sales and the flat
reading for supply, the months supply fell to 6.3 months at the current
sales pace from 6.4 months in September. The October pace was down
sharply from 8.5 months a year ago and was the lowest since 6.2 months
in April 2010.
The median sales price fell 0.5% to $212,300 in October, but was up
4.0% from October 2010. The large supply of lower-priced distressed
homes continued to impact the pace of new home sales and sales prices
for new homes.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
