The Census Bureau and the Department of Housing and Urban Development released the October 2011 new-home sales index today, and the news was mostly positive. Here are five key takeaways from the report.
- Sales growth hits five-month high. Sales of newly built, single-family homes were up 1.3 percent to a seasonally adjusted annual rate of 307,000 units in October — the best new-home sales activity since May 2011.
- Year-over-year growth nears double digits. October new-home sales are up 8.9 percent over October 2010 numbers (282,000 sales).
- Midwest and West break out. New-home sales grew by 22.2 percent in the Midwest and 14.9 percent in the West.
- Inventory at record low. The nationwide inventory of new homes for sale held at an all-time record low of just 162,000 units in October, which is a 6.3-month supply at the current sales pace.
- Home prices at 2003 levels. The median sales price of new homes sold in October was $212,300, while the average sales price was $242,300 — the lowest level since September 2003.
Click here to download a PDF of the repot.
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