OCTOBER NEW HOMES SOLD TOTAL 728,000; SEPTEMBER REVISED DOWN TO 716,000
New single-family homes sold at an annual pace of 728,000, slightly above the revised September number but well below analysts estimates. The August and September numbers showed a major downward revision. With the August number revised down from 735,000 to 717,000 and the September revised down from 770,000 to 716,000. The September number, which had previously been reported as an increase from August, is now at the lowest level since January 1996.
The number of houses for sale at the end of the month was 516,000, down 2.3% from the previous month but still representing a 8.5 months supply at the current sales pace. Of the new homes for sale at the end of the period, 37% were already completed. The median price of a new home was $217,800, down 13% from year earlier levels. That was the largest year-over-year price decline in over 30 years.
Kathryn Kobe, NTKN Washington, DC