Steadily rising mortgage rates coupled with ongoing affordability challenges kept many potential home buyers on the sidelines in October. Sales of newly built, single-family homes in October declined 17.3% to a 610,000 seasonally adjusted annual rate, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The pace of new home sales in October is down 9.4% compared to a year earlier. October new home sales are up 2.1% on a year-to-date basis.

The median sales price for new houses sold in October 2024 stood at $437,300, while the average sales price was recorded at $545,800. These figures indicate the ongoing high cost of new homes despite declining sales.

At the end of October 2024, the inventory of new homes for sale was seasonally adjusted to 481,000 units. This equates to a 9.5-month supply at the current sales rate, reflecting an increase in available stock as sales slow.


Source:  eyeonhousing.org