In a recent posting on the National Association of Home Builders website, Robert Deitz stated that new home sales posted a slight gain in October after downward revisions for prior months, according to data released by the Census Bureau and HUD.
The for-sale inventory of homes under construction fell to 122,000 in October, while the count of homes for sale that have not begun construction experienced an increase to 40,000. Completed, ready-to-occupy new single-family homes totaled 54,000 for October, which remains low by historical norms.
The median sales price of new home sold in October was $305,000. which was a significant increase over September. However, the rise was due to the mix of homes sold, which saw increases for price ranges above $300,000. The rise in sales price is thus similar to the rise in single-family home size, which reflects ongoing weakness among first-time buyers.
NAHB expects the gradual recovery in single-family home construction and sales to continue into 2015 as employment growth helps unlock pent-up housing demand.
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