New Home Sales Drop 5.6% in October

Sales of new homes fell 5.6% in October to a seasonally adjusted annual rate of 679,000, according to the U.S. Census Bureau.

The rate is 17.7% above October 2022 sales, however.

Regionally, compared with September, new home sales plunged 16.4% in the Midwest and 23.3% in the West. New home sales increased 13.2% in the Northeast and 2.1% in the South. Year-over-year, every region saw increases.

The median sales price of new houses sold in October was $409,300, with an average sales price of $487,000. New home inventory stood at 439,000 at the end of October, a supply of 7.8 months at the current sales pace.

The full report can be found at this link.