New-home sales in October fell to a seasonally adjusted rate of 433,000, a 5.3 percent drop from the revised September rate of 457,000, according to figures released this week by the U. S. Department of Commerce.Sales are 40.1 percent lower than the October 2007 estimate of 723,000.
The median sale price of a new home sold in October fell 1.7 percent from September, to $218,000, which is a 7 percent decline from a year ago. There was an 11.1-month supply of new homes for sale at the current sales rate, up from a 10.9-month supply in September.
Regionally, the Northeast and the Midwest reported monthly gains in new-home sales in October by 22.6 percent and 6 percent, respectively, while the South and the West had declines of 6 percent and 18 percent, respectively. However, new-home sales in all four regions dropped sharply compared to a year ago: by 41.5 percent in the Northeast; 44.5 percent in the Midwest; 38.5 percent in the South; and 39.7 percent in the West.
Stay tuned: Boston Real Estate statistics coming soon…