New Home Sales Slip -0.3% in October 2020 but are 41.5% Above October 2019

The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000. This is -0.3% below the revised September rate of 1,002,000 but is 41.5% above the October 2019 estimate of 706,000. The median sales price of new houses sold in October 2020 was $330,600. The average sales price was $386,200. The seasonally adjusted estimate of new houses for sale at the end of October was 278,000. This represents a supply of 3.3 months at the current sales rate.