5 takeaways from the October new-home sales index

The Census Bureau and the Department of Housing and Urban Development released the October new-home sales index today, and the news was mostly positive. Here are five key takeaways from the report.  

November 28, 2011
new-home sales, new home sales, october 2011 new home sales

The Census Bureau and the Department of Housing and Urban Development released the October 2011 new-home sales index today, and the news was mostly positive. Here are five key takeaways from the report.

  1. Sales growth hits five-month high. Sales of newly built, single-family homes were up 1.3 percent to a seasonally adjusted annual rate of 307,000 units in October — the best new-home sales activity since May 2011.
  2. Year-over-year growth nears double digits. October new-home sales are up 8.9 percent over October 2010 numbers (282,000 sales).
  3. Midwest and West break out. New-home sales grew by 22.2 percent in the Midwest and 14.9 percent in the West.
  4. Inventory at record low. The nationwide inventory of new homes for sale held at an all-time record low of just 162,000 units in October, which is a 6.3-month supply at the current sales pace.
  5. Home prices at 2003 levels. The median sales price of new homes sold in October was $212,300, while the average sales price was $242,300 — the lowest level since September 2003.

Click here to download a PDF of the repot.
 

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