New home sales fell 0.7% in September to a seasonally adjusted annual rate of 701,000, the U.S. Census Bureau reports.
Sales of new homes are up 7.2% compared with September 2018. “New home sales inched down in September, but the ongoing trend remains positive as builders increase their production,” National Association of Home Builders (NAHB) Chairman Greg Ugalde stated. NAHB added that it expects the sales volume to improve slightly in the coming months as more inventory is built.
Regionally, new home sales grew 12.8% in the South and 7.3% in the West compared with September 2018. Year-over-year sales declined 10.3% and 10.6% in the Northeast and Midwest, respectively.
At 321,000, the new home inventory at the end of September represents a 5.5-month supply at the current sales pace.
The full report can be found here.
