by CHRISTINE RICCIARDI
New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development.
New home sales are down 8.1% from September and 28.5% from October 2009.
The National Association of Realtors reported Tuesday that existing home sales trended down in October also, dipping 2.2% compared to September.
Collectively in 2010, the annualized rate of new home sales is 273,000. This is down 14% from 2009.
The West region saw the steepest decline in new homes sales compared to the year- ago period, down 46.9%, followed by the Midwest (down 27.8%), the South (down 23%) and the Northeast (down 12.1%).
The median sales price for a new home in October was $194,900, down 14% from $226,300 in September and down 9% from $215,100 one year ago. In October, the average sales price also decreased, down to $248,200 from $269,700 in September and $263,800 in October 2009.
URL to original article: http://www.housingwire.com/2010/11/24/nation-has-8-6-month-glut-of-new-homes-on-market-census-bureau-says
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