US home sales decreased in October

Nationwide new home sales decreased in October, falling below sales numbers recorded in September and October 2009.

The U.S. Census Bureau Wednesday reported that 283,000 houses sold nationwide, an 8.1 percent decrease from September’s 308,000 recorded sales. Home sales were 28.5 percent lower than the 396,000 sales recorded in October 2009.

The average sale price was $248,200 in October. The bureau recorded fewer than 500 houses selling for more than $750,000.

By the end of October, there were 202,000 new houses listed for sale, representing an 8.6-month supply at the current rate of sales, according to the U.S. Census. A recent report from CoreLogic, however, stretched that supply period to 23 months by including properties that are seriously delinquent, in foreclosure and owned by lenders. Such “shadow inventory” pushed housing supply in the Milwaukee area to 19.8 months, the 14th highest among major metro markets.

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