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Friday, December 3, 2021

US new home sales rose 0.4% in October due to rising prices

WASHINGTON. Last month, US new home sales rose 0.4 percent, below expectations, as home prices continued to rise.

The Commerce Department said Wednesday that sales of new single-family homes rose to a seasonally adjusted 745,000 last month from 742,000 in September. Economists had expected 795,000 new home sales per year in October. And September sales were slashed from 800,000 in the original Commerce report.

New home sales were down 23 percent from a year earlier.

The average price of a new home, with half of the homes selling for a higher price and half for a lower price, rose to a record $ 407,700 last month, up nearly 18 percent from a year earlier.

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New home sales rose 11% in the Midwest and 0.2% in the South from September to October. They fell 11.8 percent in the northeast and 1.1 percent in the west.

The housing market has been hot on the back of low mortgage rates and pent-up consumer demand blocked by the pandemic last year.

The National Association of Realtors said Monday that sales of previously occupied homes rose 0.8 percent last month to a seasonally adjusted 6.3 million annually, the strongest annual rate since January.

Paul Wiseman

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