New Home Sales Down in October Nov 24, 2010

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U.S. sales of new single-family houses in October 2010 were at a seasonally adjusted annual rate of 283,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.1% below the revised September 2010 rate of 308,000 and is 28.5% below the October 2009 estimate of 396,000.

The median sales price of new houses sold in October 2010 was $194,900; the average sales price was $248,200. The seasonally adjusted estimate of new houses for sale at the end of October was 202,000. This represents a supply of 8.6 months at the current sales rate.

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