On Wednesday (11-23-22), the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for October were at a seasonally adjusted annual rate of 632,000, according to estimates. This is 7.5% above the revised September rate of 588,000 but 5.8% below the October 2021 estimate of 671,000.
The median sales price of new houses sold in October was $493,000. The average sales price was $544,000.
The seasonally adjusted estimate of new houses for sale at the end of October was 470,000. This represents an 8.9-month supply based on the current rate of sales.
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