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New home sales see large decrease

Newly-built homes saw a large decrease in sales in October.

Newly-built homes saw a large decrease in sales in October.

The U.S. Department Commerce released figures that showed October was just another poor sales month for home builders.

Sales of newly-built homes took place at an annual rate of 283,000 during the month, a number that is down 8.1 percent from the previous month and 28.5 percent from October of last year, according to the report.

Mike Larson, a housing market analyst with Weiss Research, told CNNMoney, “The new home market delivered another turkey of a performance last month,” he commented. “Sales fell sharply across most of the country.”

The report cites experts noting factors such as the poor economy and difficulties attaining a mortgage as some of the key factors in the slowed market for new homes. Leif Thomsen, CEO of Mortgage Masters, told CNNMoney, “A lot of potential buyers just can’t get financing,” he said. “The underwriting is very strict.”

The National Association of Realtors released their monthly statistics which showed first-time buyers purchased 32 percent of homes in October, the same as September. Although the housing market is slipping, there are still opportunities for buyers who plan on purchasing and moving into a home.