ECON: New Home Sales Weaker Than Expected, Lower Revisions
- 368k unit annual rate vs 390k consensus
- Last month revised to 369k from 389k
- Northeast region -32.3 pct, midwest up record 62.2 pct
- Commerce dept says 'minimal effect' from Hurricane
- Gigantic margin of error ±18.3 pct on the monthly change
Sales of new single-family houses in October 2012 were at a seasonally adjusted annual rate of 368,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 0.3 percent (±18.3%)* below the revised September rate of 369,000, but is 17.2 percent (±21.2%)* above the
October 2011 estimate of 314,000.
The median sales price of new houses sold in October 2012 was $237,700; the average sales price was $278,900. The
seasonally adjusted estimate of new houses for sale at the end of October was 147,000. This represents a supply of 4.8
months at the current sales rate.