Oct new home sales slip, but prices rise

Reuters reports:

Sales of new U.S. homes dipped in October and inventories rose, but builders boosted prices by over $30,000 per unit after a sharp decline in home prices a month earlier, a government report showed Wednesday.

New single-family home sales declined 3.2 percent in October to an annualized rate of 1.004 million units from a downwardly revised rate of 1.037 million in September, the Commerce Department said. Analysts polled by Reuters were expecting October sales to ease to a 1.044 million rate from a rate of 1.075 million in September.

October sales were down 25.4 percent compared to a year ago.

The median sales price of a new home rose more than 13 percent to $248,500 in October from $218,200 in September as builders were able to boost prices despite a modest decline in the rate of sales. October's median home price was the highest since they reached $257,000 in April.

Amazing, new home prices up 13% in one month.You've got to wonder actually what goes into those numbers.