New single-family home sales increased to a seasonally adjusted annual rate of 738,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The September reading was 4.1% above the revised August rate of 709,000 and is 6.3% above the September 2023 estimate of 694,000.
The increase in new home sales was driven by a gain in the Northeast (21.7), followed by the South (5.8%), followed by West which was unchanged from last month, and then the Midwest which saw a decrease of -2.5%.
The median sales price of new houses sold in September was $426,300, up 1.35% from August. The average sales price was $501,000, up 1.65% from the previous month.
At the end of September, the seasonally adjusted estimate of new houses for sale was 470,000, which represents a supply of 7.6 months at the current sales rate.
Read the Census/HUD release.