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New home sales climb in October

Sales increased 1.3 percent since September and  8.87 percent above the level seen in October of 2010. The inventory of new homes still remains critically low, however.

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This chart shows the annual and monthly change in new single family home sales since 2004. Sales (shown in thousands) have plummeted since 2005 and remain near the lowest levels in decades.

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for October showing a monthly increase with sales climbing 1.3% since September and increase 8.87% above the level seen in October of 2010 and remaining at an epically low level of 307K SAAR units.

It's important to recognize that the inventory of new homes has now fallen to a new series low at 162K units, lowest level seen in in at least 47 years while the median number of months for sale declined to 7.4.

The monthly supply remained declined to 6.3 months while the median selling price increased 0.04% and the average selling price declined 0.05% from the year ago level.

The above chart show the extent of sales decline to date (click for full-larger version).

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