The Good News and The Bad
While new home sales continued to decline in October, there was some good news to note. An increase in the median home price and a decrease in home financing costs. The Commerce Department released new figures which showed the sales of single-family homes as decreasing to 3.2%. However, the average price of a new home increased to $309,700 in October, up from $297,700 in September and $293,600 one year ago. And in terms of financing costs, the average rate on a 30-year mortgage was 6.36% - down from 6.40% in September.
On a regional level, new-home sales for October fell 1.7% in the South, 5.6% in the Midwest and 39.0% in the Northeast. The West saw demand actually increase by 3.2%.
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