Market Updates
Affordability and Two Hurricanes Drag Housing Market Activities In October
Brian Turner
26 Nov, 2024
Washington, D.C.
New home sales in October dropped 17.3% from the previous month following the surge in mortgage rates, according to the latest report from the U.S. Census Bureau.
New home sales dropped to an annual rate of 610,000 from the unrevised 738,000 and fell at the fastest pace since 2013 and fell to the lowest level since October 2022, after two hurricanes, Helene and Milton, impacted housing activities.
New home sales dropped 9.3% from a year ago, driven by a 19.7% plunge in sales in the South.
New home sales in the Northeast soared 35.3% from a year ago to 46,000, in the Midwest jumped 15.9% to 73,000, declined 1.3% to 152,000 and in the South plunged 19.7% to 339,000.
Home prices in the month increased, despite the decline in sales.
The median home price increased to $437,300, and the average home price rose to $545,800, an increase of $11,000 from the previous month, respectively.
rising mortgage rates and elevated home prices are also keeping buyers away from the market, and new homes are taking longer to sell.
The seasonally-adjusted estimate of new houses for sale at the end of October was 481,000, representing a supply of 9.5 months at the current sales rate, higher than 7.9 months of supply a year ago and 7.7 months of supply in the previous month.
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