The rate of new single-family home sales dropped 25.4 percent in October compared to the same month last year, while the median price increased 1.9 percent and the average price increased 5.5 percent, the U.S. Census Bureau and Department of Housing and Urban Development announced today. Sales of new single-family homes in October were at a seasonally adjusted annual rate of about 1 million, the agencies reported, which is 3.2 percent below the September rate. The rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The median sales price of new houses sold in October 2006 was $248,500 and the average sales price was $309,700. The seasonally adjusted estimate of new houses for sale at the end of October was 558,000, which represents a supply of 7 months at the current sales rate. A supply of greater than six months is generally considered to indicate a buyer's market. In October 2005 there was a supply of 4.5 m...
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