New single-family homes sales increased to a seasonally adjusted annual rate of 610,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. The October reading was 17.3% above the revised September rate of 738,000 and is 9.4% below the October 2023 estimate of 673,000.
The decrease in new home sales was driven by a lose in the South (-27.7%), followed by the West (-9.0%), while the Northeast saw a massive (53.3%) gain, followed by the Midwest (1.4%).
The median sales price of new houses sold in October was $437,300, up 2.6% from September. The average sales price was $545,800, up 8.9% from the previous month.
At the end of October, the seasonally adjusted estimate of new houses for sale was 481,000, which represents a supply of 9.5 months at the current sales rate.
Read the Census/HUD release.