New-homes sales dwindle nationwide

October sales of new homes fell an estimated 5.3% to their lowest level in 17 years, the Department of Commerce reported today. Last month’s new-home sales tumbled to a seasonally adjusted annual rate of 433,000, the lowest level since 1991. That’s down from September’s revised total of 457,000. October home sales nationally were down 40.1% from the 723,000 estimated in the year-ago period. The median sales price fell in October to $218,000 from $221,700 in September and was the lowest since September 2004, when the median price stood at $211,600. On a regional basis, the West saw home sales decline 18% to their lowest level since 1982. The Southern region suffered a 6% decline in home sales to its lowest level since 1992. Conversely, October home sales in the Northeast were up 22.6% from the previous month. They rose 6% in the Midwest.