New Home Sales and Prices Decreased in October

New single-family home sales rose to a seasonally adjusted annual rate of 563,000 in October, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The October level was 1.9% below the revised September rate of 574,000, but is 17.8% above the October 2015 level.


Sales fell in most regions, falling 9.1% in the Northeast, 13.7% in the Midwest and 3.0% in the South. In contrast, sales in the West rose 8.8%.

The median price of a new home was $304,500, down 2.9% from September. The average price was $354,900, a decrease of 6.0% from the previous month.

At the end of October there was an estimated supply of 5.2 months at the current sales rate, up from a 4.8 month supply in September.

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