The Census Bureau also reported that the median sales price for new homes sold in October was $237,700 and the average sales price was $278,900. In September, the median sales price for a new house was $242,400 and the average sales price was $292,400.
At the end of September the number of new homes for sale totaled 147,000, a supply of 4.8 months, up slightly from an inventory totaling 145,000 at the end of September.
The Mortgage Bankers Association reported earlier today that mortgage applications for purchases fell by 0.3% last week. The average contract interest rate for a 30-year fixed rate conforming mortgage fell to 3.53% last week. Refinancings made up 81% of the new mortgage applications.
Paul Ausick
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