New Residential Homes Sales Drop Month-Over-Month and Year-Over-Year in September

On Wednesday (10-26-22), the U.S. Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for September were at a seasonally adjusted annual rate (SAAR) of 603,000, according to estimates. This is 10.9% below the revised August rate of 677,000 and is 17.6% below the September 2021 estimate of 732,000.

The median sales price of new houses sold in September was $470,600. The average sales price was $517,700.

The seasonally adjusted estimates of new houses for sale at the end of September was 462,000. This represents an 9.21-month supply based on the current rate of sales.

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