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October New Homes Sales Set Record12-02-05 | News

October New Homes Sales Set Record

WASHINGTON D.C. ?EUR??,,????'??+ Sales of new single-family homes jumped a surprising 13 percent to a record seasonally adjusted annual rate of 1.424 million units in October, the Commerce Department reported today.

?EUR??,,????'??Home builders continue to see healthy demand for new homes and expect sales activity to continue at slightly more moderate levels in the months ahead,?EUR??,,????'?? David Wilson, president of the National Association of Home Builders said.

The inventory of new homes for sale was 496,000 at the end of October, a 4.3 months?EUR??,,????'??? supply at the current sales pace. Of that total, for-sale units that were not yet started represented 20 percent. Units still under construction were 59 percent of the inventory, and completed homes for sale were 21 percent of the total ???? a smaller proportion than a year ago.

?EUR??,,????'??The great strength of new home sales in October was surprising,?EUR??,,????'?? said NAHB Chief Economist David Seiders. ?EUR??,,????'??The upshift in interest rates may have pushed a lot of fence sitters into a buying mode, and builders may have deepened sales incentives to counter growing buyer resistance to home prices and interest rates.?EUR??,,????'??

Three of four regions across the country posted increased sales of new homes in October, with two regions, the West and the Northeast, experiencing the most dramatic rises. Sales in the West jumped 46.9 percent and sales in the Northeast were up 43.3 percent from the month before. Sales in the South increased a modest 1.9 percent and sales in the Midwest dropped 9.5 percent.

Total New Houses Sold During Period: 1,424,000*

Percent change from last month: 13.0
Percent change from last year: 9.0

**New Houses Sold During Period By Construction Stage?EUR??,,????'??+Survey:**
Sold	Quantity
Total Sold	111,000
Home Sold but not Started	46,000
Homes sold and under Construction	40,000
Homes sold and Completed	26,000

**Houses sold by Sales Price**
Price	Quantity	% Distribution
Total Sold	111,000	100%
Under $100,000	4,000	3%
$100,000-$124,999	8,000	8%
$125,000-$149,999	14,000	12%
$150,000-$199,999	16,000	14%
$200,000-$249,999	18,000	16%
$250,000-$299,999	13,000	12%
$300,000 and Over	39,000	35%