Having been upwardly revised for a 0.1 percent gain in September, the seasonally adjusted pace of new single-family home sales in the U.S., which hit a 14-year high in August, slipped 0.3 percent in October to an annualized rate of 999,000 sales, representing the first month-over-month decline in the pace of sales since April.
That being said, the annualized rate is still 41.5 percent higher than the pace of sales at the same time last year but down from a 48.1 percent year-over-year gain in July.
At the same time, the median price of the homes which sold last month slipped 0.3 percent to $330,600 but was still 2.5 percent higher than at the same time last year with a higher percentage of more expensive homes having sold.
And with the pace of sales matching the pace of newly finished homes, the inventory of new single-family homes for sale across the county (278,000) was unchanged from September to October but is 13.4 percent lower than at the same last year (which is in stark contrast to inventory levels in San Francisco).
