Market Updates
New Home Sales In October Dropped, Median and Average Home Prices Eased
Brian Turner
27 Nov, 2023
New York City
New home sales data showed home sales declined 5.6% to an annual rate of 679,000 in October from a 719,000 rate in September, the U.S. Census Bureau reported Monday.
New home sales soared 17.7% from an estimate of 577,000 a year ago.
The median price of new homes sold was $409,300, while the average sales price was $487,000, compared to $496,800 and $543,300, respectively, a year ago.
In the month, sales from the previous month in the West fell 23.3%, dropped 16.4% in the Midwest, but advanced 13.2% in the Northeast and 2.1% in the South.
New home sales in October from a year ago soared in the West by 18.9%, in the South by 19.2%, in the Midwest by 8.5%, and in the Northeast by 10.3%.
The seasonally adjusted estimate of new houses for sale at the end of October was 439,000, representing a supply of 7.8 months at the current sales rate.
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