By CountingPips.com – New Home Sales in the United States decreased by more than expected in October, according to a report released by the Department of Commerce today. Purchases of new single family homes fell by 8.1 percent in October to an annual rate of 283,000 new homes sold. Market forecasters were expecting a 1.6 percent rise in the monthly sales level for an annual rate of 312,000 new homes sold following a 12.0 percent increase in September.
On an annual basis, October’s rate of new homes sold was 28.5 percent lower than the October 2009 sales level.
Leading the decrease in October was a 23.9 percent drop in new homes sold in the the West while the Midwest registered a 20.4 percent decline in sales. Sales in the Northeast fell by 2.1 percent while the South saw a rise in new home sales by 3.1 percent.
On an annual basis, the West registered a 46.9 percent decline from the October 2009 home sales level while the Midwest declined by 27.8 percent, the South decreased by 23.0 percent and the Northeast sales fell by 12.1 percent.