Wednesday, December 12, 2012 / by Nathan Clark
The sale of new homes in theUnited Statesdipped slightly in October, finishing below experts’ projections and pausing a trend of steady climbs.
The annual sales rate of 368,000 homes in October was 0.3 percent lower than the 369,000 mark of September, according to the Department of Housing and Urban Development. Still, new home sales were up 17 percent from the year before.
Industry projections had a 388,000 number pegged for October, but Hurricane Sandy made that all but impossible to achieve. New home sales were down 32 percent in the Northeast, the area hardest hit by the catastrophic storm.
Despite the weather-aided dip in October, new home sales have risen about 20 percent in 2012, and new home construction is also increasing. New home sales and starts are generally looked at as important indicators of the overall economy.