New home sales decreased in October

New single-family home sales decreased to a seasonally adjusted annual rate of 679,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The October reading was 5.6% below the revised September rate of 719,000 but is 17.7% above the October 2022 estimate of 577,000.

The drop in new home sales was driven by decreases in the West (-23.3%) and Midwest (-16.4%), while there were increases in the Northeast (+13.2%) and South (+2.1%).

The median sales price of new houses sold in October was $409,300, down 3.1% from September. The average sales price was $487,000, down 5.5% for the month.

At the end of October, the seasonally adjusted estimated supply of new houses for sale at the current sales rate increased to 7.8 months, from 7.2 months’ supply in September.

Read the Census/HUD release.