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Wednesday, October 25, 2023

New Home Sales increase to 759,000 Annual Rate in September; Median New Home Price is Down 16% from the Peak

by Calculated Risk on 10/25/2023 10:46:00 AM

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales increase to 759,000 Annual Rate in September

Brief excerpt:

The Census Bureau reports New Home Sales in September were at a seasonally adjusted annual rate (SAAR) of 759 thousand. The previous three months were revised down slightly, combined.
Active InventoryThe next graph shows new home sales for 2022 and 2023 by month (Seasonally Adjusted Annual Rate). Sales in September 2023 were up 33.9% from September 2022. Year-to-date sales are up 4.5% compared to the same period in 2022.

As expected, new home sales were up year-over-year in September, and it is fairly certain there will be more sales in 2023 than in 2022 - although mortgage rates close to 8% will likely slow sales.
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