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October new home sales came in at 368k, which was well below the 390k expected by economists.Making things worse, the September number was revised down to 369k from 389k.
Here’s the full statement from the Census:
Sales of new single-family houses in October 2012 were at a seasonally adjusted annual rate of 368,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.3 per cent (±18.3%)* below the revised September rate of 369,000, but is 17.2 per cent (±21.2%)* above the October 2011 estimate of 314,000.
The median sales price of new houses sold in October 2012 was $237,700; the average sales price was $278,900. The seasonally adjusted estimate of new houses for sale at the end of October was 147,000. This represents a supply of 4.8 months at the current sales rate.
Lately, new home sales have been lagging new home permit and building activity, which has some economist concerned that supply may be building.