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by CareyBot

October sales of new single-family homes dropped to the lowest annual pace since January 1991, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported today, and fell about 40.1 percent compared to October 2007. The median price of new single-family homes dropped to the lowest level since September 2004. Sales hit a seasonally adjusted annual rate of 433,000 in October -- this rate is based on the projection of the monthly sales total over a 12-month period, adjusted to account for typical seasonal fluctuations in sales activity. The sales rate is off 68.8 percent from a record rate of 1.39 million in July 2005, according to government statistics. Earlier this week, the National Association of Realtors reported (see Inman News) that sales of U.S. ...