New Residential Homes Sales Up Month-Over-Month but Down Year-Over-Year in October

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.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.