The seasonally adjusted pace of new single-family home sales in the U.S. dropped 8.9 percent in October to an annual pace of 544,000 sales which is 12.0 percent lower on a year-over-year basis and 16.8 percent below the long-term average for this time of the year.

At the same time, the number of new single-family homes for sale across the county increased 4.3 percent to 336,000, which is 17.5 percent higher on a year-over-year basis, three months away from a 10-year high and represents 7.4 months of available inventory (which is the most since 2011) while the median sale price ($309,700) dropped 3.6 percent and is now running 3.1 percent lower versus the same time last year.

And having slipped a downwardly revised 0.6 percent in September, the annual pace of new single-family home sales in the West dropped 3.2 percent in October to 149,000 transactions and is running 1.3 percent lower versus the same time last year.

Recent Articles

Comments from “Plugged-In” Readers

Add a Comment

Your email address will not be published. Required fields are marked *