Updated: 27-Nov-17 11:17 ET
|Updated: 27-Nov-17 11:17 ET
- New home sales jumped 6.2% month-over-month in October to a seasonally adjusted annual rate of 685,000 (Briefing.com consensus 629,000) from a downwardly revised 645,000 (from 667,000) in September. That is the highest seasonally adjusted annual rate of sales since October 2007.
- Sales growth by region: Northeast (+30.2%); Midwest (+17.9%); South (+1.3%); and West (+6.4%)
- The median sales price increased 3.3% year-over-year to $312,800. The average sales price soared 13.6% to $400,200, with a higher number of homes priced above $399,999 in the sales mix versus the same period a year ago.
- Based on the current sales pace, the inventory of new homes for sale fell to a 4.9-months' supply versus 5.2 months in September and the year-ago period
- Homes priced at $399,999, or less, accounted for 66% of new homes sold in October versus 68% in September
- The key takeaway from the report is that there was sales growth in all regions, led by a huge pickup in sales in the Northeast and the Midwest, underscoring the solid demand for new homes.
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