Industry News

Median price of new U.S. home plunges 13%

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The sales rate for new single-family homes rose in October for the first time since April, but fell about 23.5 percent compared to October 2006, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. Also, the median sales price of new homes dropped 13 percent in October compared to October 2006. New-home sales reached a seasonally adjusted annual rate of 728,000 in October -- this sales rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. An estimated 516,000 new homes were for sale at the end of October, down 6.7 percent compared to October 2006. That amounts to an 8.5 months' supply of for-sale homes at the October sales pace. That compares to a supply of 7.1 months in October 2006. A supply greater than six months is generally considered to indicate a buyer's market. The median sales price of new homes dropped from $250,400 in October 2006 to $217,800 in October...