New Home Sales Down 17.3% in October

Sales of newly built, single-family homes decreased 17.3% from September to October, according to data from the U.S. Census Bureau.

October saw a seasonally adjusted annual rate of 610,000 new home sales, down from September’s rate of 738,000 new home sales.

The pace of new home sales in October is down 9.4% from October 2023.

“The decline in new home sales highlights the pressures on prospective buyers who are navigating tighter budgets and higher borrowing costs,” National Association of Home Builders Chairman Carl Harris said in a statement. “The drop also reflects a slowdown in buyer activity amid broader economic uncertainty.”

Read the full report here.