New Home Sales Fall While Prices Rise

Sales of new homes fell this past October by the largest amount in over three months.  The Commerce Department reported that new-home sales totaled 1.004 million at a seasonally adjusted annual rate, down 3.2% from September. 

Home prices, meanwhile, rose in October after falling sharply in September.

Sales fell in all parts of the country, except in the West.

In the Northeast, sales plunged 39%.  It is the steepest drop since January 1996.  The midwest dropped 5.6% and the South dropped 1.7% while in the West, sales rose 3.2%.

Builders have now cut spending on home building at an 18% annual rate. 

Conversely, over-all sales were up last month partly due to the downward adjustment in asking prices.

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