Sales of new single‐family houses in September were at a seasonally adjusted annual rate of 759,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.3% above the revised August rate of 676,000 and is 33.9% above the September 2022 estimate of 567,000.
“New-home sales blew past expectations in September as builders continue to gain market share in a limited resale supply environment,” says Nik Scoolis, manager, housing economics for Zonda. “As sales grew, prices and unit size continued to fall in attempts to offset the impact of rising rates. Looking forward however, with rates fluctuating between 7% and 8%, we expect the recent sales level to taper out some as buyers grapple with yet another affordability level.”
The median sales price of new homes sold in September was $418,800, while the average sales price was $503,900.
The seasonally adjusted estimate of new houses for sale was 435,000 at the end of September, representing a 6.9-month supply at the current sales rate.
“Sales of new homes bounced back in September to their strongest pace since February 2022,” adds Holden Lewis, home expert and writer at NerdWallet. “Home builders are responding to the affordability crisis in two ways. First, they’re offering incentives such as temporary interest rate buydowns. Second, they’re meeting buyers’ needs by building more affordable houses. In September, 44% of new properties cost less than $400,000, compared to 32% a year earlier.”
