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New Home Sales Decrease 8.1% in October 2010

Sales of new single-family houses in October 2010 were at a seasonally adjusted annual rate of 283,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.1% below the revised September rate of 308,000 and is 28.5% below the October 2009 estimate of 396,000.

The median sales price of new houses sold in October 2010 was $194,900; the average sales price was $248,200. The seasonally adjusted estimate of new houses for sale at the end of October was 202,000. This figure represents a supply of 8.6 months at the current sales rate.

The pace was not consistent across the country. Sales in the South rose 3.1%, while sales in the Northeast fell 12.1%. Sales also fell 20.4% in the Midwest and 23.9% in the West.

The media sale price for a new home declined 9.4% to $194,000 compared to last year. The inventory of new homes for sale slid 0.5% to 202,000, an eight-month supply. A six-month inventory is considered good.

For more information on new home sales, read the U.S. Census Bureau News’ joint release with the U.S. Department of Housing and Urban Development, New Residential Sales in October 2010.

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