October 2008 New Home Sales Fall 5.3 percent to 433,000 pace
November 26 2008 - As job and economic worries hound consumers, the Commerce Department reported Wednesday that sales of new homes fell an estimated 5.3% in October to a seasonally adjusted annual rate of 433,000, the lowest level since 1991.
Economists surveyed by MarketWatch had expected a result of 441,500.
Sales fell 6% in the South, hitting the lowest level since 1992. Sales declined 18% in West, hitting the lowest level since 1982. Sales rose 22.6% in the Northeast, and gained 6% in the Midwest.
Nationally, sales in October were down 40.1% compared with October 2007. In September, new home sales gained 0.7%.
The inventory of unsold homes fell a record 8% in October to 381,000. In the past year, inventories have fallen 25.7%, the biggest drop since the government began tracking the data in 1963.
The median sales price was $218,000, down 7% in the past year.
U.S. Oct. new-home sales fall 5.3% to 433,000 pace
by Ruth Mantell | MarketWatch
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