The Census Bureau reported that new homes sold at a 728,000 annual rate in October, up from a 716,000 annual rate reported for September. Bad things will happen to anyone who highlights this increase. The September sales data were revised down by 54,000 from a previously reported annual rate of 770,000. This means that the annual sales rate for October is 42,000, or 5.5 percent, lower than the previously reported September rate. If this number is not revised downward we can be happy about the change in direction from the September rate, but we are still looking at much lower sales than we had been before this release.
The really big news in this release was a 8.6 percent drop in the median sales price, putting it 13 percent below the year ago level. The monthly data here are very erratic, but this is a very sharp drop and suggests some serious discounting to unload homes.
[Okay, someone at USA Today is in big trouble. The headline is "Price of new home tumbles in October even as sales rise." Toward the end of the article we find out about the downward revision to the September data and that October sales were far below expectations, but this is too little, too late.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
