WASHINGTON — Sales of new homes fell 5.3% in October and were 40% below the levels of October 2007, the Commerce Department reported today.
There were 433,000 new homes sold, compared with 457,000 in September and 723,000 in October 2007. These figures are the lowest since 1991, when the country was mired in another economic downturn.
It was the second consecutive piece of bleak housing data this week. On Monday, the National Association of Realtors reported that existing home sales fell 3.1% last month.
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The median price for a new home was $218,000, the average price was $272,000. October's new home sales increased from their September levels in Northeast and Midwest by 22.6% and 6%, respectively. They fell in the South and West by 6% and 18%, respectively.
The year-to-year sales figures declined in all four regions: 38.5% in the South; 39.7% in the West; 41.5% in the Northeast; and 44.5% in the Midwest.
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