November 28, 2012
Pace Of New Home Sales Slips In October, Remains Below Average
The seasonally adjusted annual pace of new single-family home sales in the U.S. slipped to 368,000 in October, down a nominal 0.3 percent from a revised rate of 369,000 in September but remains 17.2 percent above the 314,000 pace recorded in October 2011, the second slowest October on record since 1963.
Annual new home sales in the U.S. have averaged 667,000 since 1963, peaking at 1,283,000 in 2005. Preliminary U.S. new home sales (versus pace) in October were estimated to be 29,000, unchanged from September. October sales peaked in 2005 with 105,000 new homes sold.
In the West, the pace of new home sales ticked up 8.8 percent from September to October, up 33.7 percent on a year-over-year basis.
∙ New Residential Sales: September 2012 [census.gov]
∙ New U.S. Home Sales Up From August And An All-Time Low Last Year [SocketSite]
∙ New Residential Sales Since 1963 [census.gov]
First Published: November 28, 2012 8:00 AM