Market Updates
New Home September Sales Fall 17.6%
Brian Turner
26 Oct, 2022
New York City
New home sales declined sharply in September as higher prices and a sharp rise in mortgage rates kept buyers away.
New single-family home sales annual rate after adjusting for seasonal factors dropped to 603,000, from 677,000 in August, according to the data released by the e U.S. Census Bureau and the Department of Housing and Urban Development.
New home sales fell 10.9% from August and dropped 17.6% from a year ago rate of 732,000.
The median sales price of new homes sold in September 2022 was $470,600 and the average sales price was $517,700.
Home sales are likely to remain depressed as mortgage rates have been rising, tracking higher Treasury yields in October.
Mortgage rates rose 22 basis points to 7.1% in the week ending October 21, 2022, according to the latest data released by the Mortgage Bankers Association.
At the current sales rate, new home supply is 462,000, representing 9.2 months of supply.
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