Industry News

New-home sales rise, prices flatten

October sales rate sets record for year

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New single-family home sales were up about 9 percent from October 2004 to October 2005, the U.S. Census Bureau and the Department of Housing and Urban Development reported today, while the average sales price of a new single-family home dropped about 1 percent. Sales of new single-family houses in October 2005 were at a seasonally adjusted annual rate of 1,424,000, according to the announcement. This is about 13 percent above the revised September rate of 1,260,000 and is about 9 percent above the October 2004 estimate of 1,306,000. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, accounting for seasonal fluctuations in statistics. The second-highest seasonally adjusted sales total this year was 1,371,000 in July 2005. The median sales price of new houses sold in October 2005 was $231,300 and the average sales price was $286,500. In October 2004, the median sales price was $229,200 and the average sales price was $289,600. In September 20...