New home sales: Up for month, down for year

WASHINGTON – Nov. 29, 2007 – October new home sales stats released by the Census Bureau and HUD today were up – 1.7 percent higher than September sales; however, new home sales were down 23.5 percent compared to those one year earlier in October 2006.

Sales of new one-family houses in October 2007 were at a seasonally adjusted annual rate of 728,000, according to estimates.

The median sales price of new houses sold in October 2007 was $217,800, a drop of 13 percent compared to October 2006; the average sales price was $305,800. The seasonally adjusted estimate of new houses for sale at the end of October was 516,000, which is an 8.5-month supply at the current sales rate.

© 2007 FLORIDA ASSOCIATION OF REALTORS®

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