Real Estate News and Tips

New-Home Sales Slide to Historical Lows

BUILDER Online |

In Brief...

October's new-home sales figures, released the day before Thanksgiving, left builders with little reason to be thankful this holiday.. Builders had just 202,000 homes in inventory in October, which is the fewest since 1968. For comparison, sales of existing homes also declined in October, falling 2.2% after two months of growth, according to the National Association of Realtors (NAR). Distressed properties continue to be a major part of the existing-home market, contributing 34% of sales in October. That of course puts ongoing pressure on prices of new and existing homes, with the NAR reporting a median existing-home price of $170,500 in October..

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