Economic Buzz: US new home sales edge slightly lower in October
The report said new home sales slipped by 0.1 percent to an annual rate of 737,000 in October after surging by 3.8 percent to an annual rate of 738,000 in September.
The slight decrease came after new home sales reached their highest level since hitting an annual rate of 739,000 in May 2023 in the previous month.
The Commerce Department said new home sales in the West plummeted by 36.3 percent to an annual rate of 109,000.
New home sales in the Northeast also plunged by 14.3 percent to an annual rate of 24,000, while new home sales in Midwest tumbled by 9.0 percent to an annual rate of 91,000.
On the other hand, the report said new home sales in the South skyrocketed by 16.9 percent to an annual rate of 513,000.
The Commerce Department also said the estimate of new houses for sale at the end of October was 488,000, unchanged from September but up 1.7 percent from 480,000 in the same month a year ago.
The estimate of new houses for sale represents 7.9 months of supply at the current sales rate, unchanged from September and down 15.1 percent from 9.3 months in October 2024.
The report also said the median sales price of new houses sold in October was $392,300, down 3.3 percent from $405,800 in September and down 8.0 percent from $426,300 a year ago.
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