New US Residential Single-Family Home Sales Tumble 17.3% in October

On Tuesday, 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 (SAAR) of 610,000, according to estimates. This is 17.3% below the revised September rate of 738,000 and 9.4% below the October 2023 estimate of 673,000.

The median sales price of new houses sold in October was $437,300. The average sales price was $545,800.

The seasonally adjusted estimate of new houses for sale at the end of October was 481,000. This represents a supply of 9.5 months at the current sales rate.