Steel Markets
November 29, 2018
New Home Sales Plummet in October
Written by Sandy Williams
Sales of new single-family homes dropped 8.9 percent to a seasonally adjusted annual rate of 544,000 from an upwardly revised September estimate of 597,000 units, according to the latest data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. October sales were at the lowest sales pace since December 2016 and were 12.0 percent below October 2017.
The median sales price of new houses sold in October was $309,700 and the average sales price was $395,000. An estimated 336,000 new homes were for sale at the end of October, a supply of 7.4 months at the current sales rate. The supply is well over the accepted market balance of six months, as well as at the highest supply level since February 2011.
