New Single-Family Home Sales Down in October

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Sales of new single‐family houses in October were at a seasonally adjusted annual rate of 679,000, according to estimates released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

October’s activity is 5.6% below the revised September rate of 719,000, although it is also 17.7% above the October 2022 estimate of 577,000.

The median sales price of new houses sold in October was $409,300 and the average sales price was $487,000. The seasonally adjusted estimate of new houses for sale at the end of the month was 439,000, which represents a supply of 7.8 months at the current sales rate.