WASHINGTON (Reuters) – Sales of new single-family homes in the United States rose in October, but the previous month’s sales pace was revised down sharply as higher prices remain an obstacle for some first-time buyers travel.
New home sales rose 0.4% last month to a seasonally adjusted annual rate of 745,000 units, the Commerce Department said on Wednesday. The pace of sales in September was revised down to 742,000 units, down from 800,000 previously reported.
Sales increased in the densely populated American South as well as the Midwest, but fell in the West and Northeast of the country.
Economists polled by Reuters had predicted that new home sales, which account for more than 10% of US home sales, would be unchanged at a rate of 800,000 units. Sales fell 23.1% in October compared to the same period last year.
They peaked at 993,000 units in January, the highest number since the end of 2006.
Sales soared in the Northern Hemisphere summer last year amid an exodus from inner city areas to suburbs and other low-density regions, as Americans sought more spacious accommodations for remote work and learning during the pandemic .
With vaccinations allowing workers to return to offices and schools reopening for face-to-face learning, the pandemic-driven search is waning.
Still, demand for new homes continues to be supported by a huge shortage of used homes on the market.
The average price of a new home soared 17.5% in October to $407,700 from a year earlier. There were 389,000 new homes on the market, up from 378,000 units in September. Homes under construction accounted for 62.2% of the inventory, with homes pending construction accounting for about 28%.
Construction companies are facing activity restrictions due to shortages of materials and labor.
(By Lucia Mutikani)
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