October New Home Sales Rise To Third Highest Level on Record

WASHINGTON D.C. - Sales of new homes increased by 0.2 percent in October from the previous month to a seasonally adjusted annual rate of 1.226 million homes, the third-highest level on record, the Commerce Department reported Wednesday.

Sales of single-family homes rose from a revised 1.224 million rate in September that was higher than first reported, the department said. The median price jumped to $221,800 from $203,300 in September and is up 14 percent from a year ago.

Sales rose 12.7 percent in the West to a record 417,000 at an annual rate and 19.7 percent in the Northeast to an 85,000 rate. They fell 3.6 percent in the Midwest to a 216,000 rate and fell 9.1 percent in the South to 508,000 at an annual rate.

The number of new homes for sale rose to 412,000 last month from 408,000 in September. The median number of months that new homes have been for sale slipped to 3.8 months from 3.9 months.

Total New Houses Sold During Period: 1,226,000
Percent change from last month:		+0.2
Percent change from last year:			+7.4

New Houses Sold During Period By Construction Stage-Survey:
Total sold:					94,000
Homes sold but not started:			36,000
Homes sold and under construction:		37,000
Homes sold and completed:			21,000

Houses Sold by Sales Price:  	% Distribution-Survey
Total:				94,000 	100%
Under $100,000		4,000		4%
$100,000 - $124,999		6,000		7%
$125,000 - $149,999		10,000		10%
$150,000 - $199,999		21,000		23%
$200,000 - $249,999		12,000		13%
$250,000 - $299,999		10,000		10%
$300,000 and over		31,000		33%

(Percentages may not add up to 100 due to rounding)