David Saks: Good News From HUD and the U.S. Census - The New Home Sales Index Ready for Download

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Good News From HUD and the U.S. Census - The New Home Sales Index Ready for Download

 

Good News For the October New-Home Sales Index 

New Construction

 

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.

The Census Bureau and the Department of Housing and Urban Development released the October 2011 new-home sales index today. The news was good.

  1. Sales growth hits a 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 — 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. 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.

Read the report by clicking here:

New Home Sales U.S. Census

 




David Saks



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Comment balloon 0 commentsDavid Saks • November 28 2011 05:57PM

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