Posted on Tuesday, December 7, 2010
Sales of new homes took another dip in October, sliding 8.1 percent to a seasonally adjusted annual rate of 283,000, the U.S. Department of Commerce reported last week. New-home sales are down 28.5 percent compared to October 2009.
The pace was inconsistent across the country with sales in the South rising 3.1 percent, while sales in the Northeast fell 12.1 percent. They fell 20.4 percent in the Midwest and 23.9 percent in the West.
The media sale price for a new home declined 9.4 percent to $194,000 compared to last year and was just $800 higher than it was in October 2003. The inventory of new homes for sale slid 0.5 percent to 202,000, an eight-month supply. A six-month inventory is considered good.
Source: The Wall Street Journal, Meena Thiruvengadam and Jeff Bater Daily Real Estate News |