Sales of newly built single-family homes fell 0.6% in September to a seasonally adjusted annual rate of 676,000, following a downward revision to August, according to the National Association of Home Builders' analysis of U.S. Census Bureau and Department of Housing and Urban Development data. Sales were down 5.3% from a year earlier and are off 2.9% year to date, as elevated mortgage rates kept buyers on the sidelines despite builder price cuts and incentives.
New single-family inventory stood at 476,000 units, down 2.3% from a year ago, representing an elevated 8.4 months' supply at the current sales pace. The median new home sale price was $400,400, up 3.9% from August but down 3.9% year-over-year.
Regionally, new home sales were up 10.3% year-over-year in the Northeast and down 0.7% in the South, 8.2% in the Midwest and 17.4% in the West.
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