FXstreet.com (Barcelona) - Sales of new homes have increased in October by 1.7% to a seasonally adjusted annual rate of 728,000 according to data released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
Although the final reading has been weaker than the 750,000 annual rate expected, compared to the previous month, October has posted a 1.7% increase on new home sales due to a sharp revision of September's reading, reduced to a 716,000 annual rate from the previous estimation of 770,000.
On the year, sales of new houses have dropped 23.5% from October's 2006 annual rate of 952,000.
The median sales price of new houses sold in October 2007 was $217,800, the average sales price was $305,800. The seasonally adjusted estimate of new houses for sale at the end of October was 516,000, a supply of houses for 8,5 ,months, at the current sales rate.