Sales of new single-family houses in September were at a seasonally adjusted annual rate of 738,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.1% above the revised August rate of 709,000 and 6.3% above the September 2023 estimate of 694,000.
The median sales price of new houses sold last month was $426,300 while the average sales price was $501,000. The seasonally adjusted estimate of new houses for sale at the end of September was 470,000, which represents a supply of 7.6 months at the current sales rate.
Today’s data follows yesterday’s statistics from the National Association of Realtors that found total existing home sales in September were down by 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. On a year-over-year measurement, sales were down by 3.5% from 3.98 million in September 2023. Last week, federal data found single-family housing starts in September were at a rate of 1.02 million, 2.7% above the revised August figure of 1 million.
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