New Homes Sales Drop 3.2% in October; Prices Rise Y/Y

Sales of new homes in October 2006 fell 3.2% to a seasonally adjusted annual rate of 1,004,000, according to estimates by the U.S. Census Bureau  This is 25.4% below the October 2005 estimate of 1,346,000.

The median sales price of new houses sold in October 2006 was $248,500, up 1.9% from the same month a year ago; the average sales price was $309,700.  

The seasonally adjusted estimate of new houses for sale at the end of October was 558,000. This represents a supply of 7.0 months at the current sales rate, up slightly from a supply of 6.7 months for September.

Home sales fell in all parts of the country, except for the West, where they went up. In the Northeast, sales plunged by 39%, the steepest drop since January 1996. In the Midwest, they dropped 5.6%, South 1.7%, and West 3.2% drop.

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