New Home Sales Fell 8.9 percent in October

New single-family home sales decreased to a seasonally adjusted annual rate of 544,000 in October, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The October level was 8.9 percent below the revised September rate of 597,000 and 12.0 percent below the October 2017 estimate.

Sales decreased in all four regions, falling 18.5 percent in the Northeast, 22.1 percent in the Midwest, 7.7 percent in the South, and 3.2 percent in the West.

The median price of a new home was $309,700, down 3.2 percent from September. The average price was $395,000.

At the end of October, the seasonally adjusted estimated supply at the current sales rate increased from 7.1 months to 7.4.

Read the Census/HUD release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
More from Jack McCabe >