Wednesday, November 26, 2014

New Home Sales Continue to Climb

Sales of new single-family houses in October rose to a seasonally adjusted annual rate of 458,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The October rate is 0.7% above the revised September rate of 455,000. October’s pace is a 1.8% improvement from a year-ago.

The improving pace was not felt throughout all of the United States. In the Northeast and Midwest sales of new houses rose from the previous month, while in the South and East sales fell. The Midwest saw the largest improvement at 15.8%; The West was the weakest, declining 2.7%.

The median sales price of new houses sold in October was $305,000, up 16.5% from the median of September. The average price was $401,000.

At the end of October, there were an estimated supply of 5.6 months at the current sales rate.

Read the Census report.

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