New home sales increased in September

New single-family home sales increased to a seasonally adjusted annual rate of 759,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The September reading was 12.3% above the revised August rate of 676,000 and is 33.9% above the September 2022 estimate of 567,000.

The rise in new home sales was driven by increases in all regions: South (+14.6%), West (+7.5%), Northeast (+22.5%), and Midwest (4.7%).

The median sales price of new houses sold in September was $418,800, down 3.3% from August. The average sales price was $503,900, down 3.6% for the month.

At the end of September, the seasonally adjusted estimated supply of new houses for sale at the current sales rate decreased to 6.9 months, from 7.7 months supply in August.

Read the Census/HUD release.