Market Updates
New Home Sales Advanced In September, Average Home Price Fell 3%
Brian Turner
24 Oct, 2024
Washington, D.C.
Single-family home sales in September increased 6.3% from a year ago to a seasonally adjusted annual rate of 738,000, according to an estimate released by the U.S. Census Bureau.
Home sales rose 4.1% from the previous month, the highest level since May 2023, following a downwardly revised 709,000 in August.
The median price of a new home increased to $426,300 from $426,100, and the average price decreased to $501,000 from $515,000 a year earlier, respectively.
The seasonally adjusted estimate of new houses for sale at the end of September was 470,000, representing a supply of 7.6 months at the current sales rate.
Sales decreased 22.2% in the Northeast to 28,000 and declined 10.9% in the West to 156,000, but rose 14.9% to 77,000 in the Midwest and increased 14.7% to 477,000 in the South.
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