New home sales rose 0.7 percent in October to a 458,000-unit pace. Sales have risen each of the past three months, but were revised lower from July through September and are now up just 1.8 percent year-to-year.
New Home Sales Remain on the Slow Track
Higher Priced Home Sales Picked Up
New Home Sales Remain on the Slow Track
- New home sales rose 0.7 in October, which at the current low levels represents very little change. On the plus side, sales have risen in each of the past three months. However, sales were revised lower by 2.2 percent for the preceding three months.
- The slower pace of new home sales now even more closely tracks the sluggish pace of mortgage purchase applications, which have remained listless despite lower mortgage rates.
Higher Priced Home Sales Picked Up
- Both the median (up 16.5 percent) and average (up 27.7 percent) new home price surged during the month, probably reflecting a change in the mix of homes sold. All of the increase in new home sales occurred in homes prices over $300,000.
- October’s big price jump also likely reflects a changing regional mix of sales, with sales rising in the higher priced Northeast and West and falling in the more modest priced South and Midwest.
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