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Economy in Brief

New Home Sales Higher Still
by Tom Moeller November 24, 2004

Sales of new single-family homes edged 0.2% higher in October to 1.226M following a 7.0% September gain that was double the initial indication. Consensus estimates had been for a decline in sales to 1.200M.

Sales were mixed m/m around the country. In the Northeast sales rose sharply for the third straight month but were down 3.4% y/y. In the West sales also rose sharply for the third consecutive month and were nearly a third higher than last October. To the downside were sales in the South by 9.1% (-4.9% Y/Y) and sales in the Midwest were off 3.6% (+8.4% y/y).

The median price of a new single family home jumped 9.1% m/m to $221,800 (14.3% y/y), near the record high.

Homes Sales (000s, AR) Oct Sept Y/Y 2003 2002 2001
New Single-Family 1,226 1,224 7.4% 1,089 976 907
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