New home sales plummet - KWWL - Eastern Iowa Breaking News, Weather, Closings

New home sales plummet

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WASHINGTON, D.C. (AP) -- Sales of new homes fell in October to near a record low while the median home price dropped to the lowest point in seven years.

The U.S. Commerce Department reports that sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October.  That was just 2.9 percent above the all-time low of 275,000 units hit in August for government records that go back to 1963.

The median price of a home sold in October dipped to $194,900, the lowest level since October 2003.

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