Sales of new one-family houses in October 2008 were at a seasonally adjusted annual rate of 433,000. This is 5.3 percent below the revised September of 457,000 and is 40.1 percent below the October 2007 estimate of 723,000.
The median sales price of new houses sold in October 2008 was $218,000; the average sales price was $272,300. The seasonally adjusted estimate of new houses for sale at the end of October was 381,000. This represents a supply of 11.1 months at the current sales rate.
Bottom line. Home sales continue to sink (click on graph to enlarge). Prices continue to decline. Because of the huge inventory of unsold homes these trends will continue for at least the next 12 months.
More, much more when you read older posts and subscribe to The Peter Dag Portfolio by going to https://www.peterdag.com/.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
No comments:
Post a Comment