New home sales in September were at a seasonally adjusted annual rate of 738,000, an increase of 4.1% compared with August and up 6.3% compared with September 2023, according to estimates from the U.S. Census Bureau and U.S. Department of Housing and Urban Development.
The median sales price of a new home sold in September was $426,300.
The average sales price was $501,000.
As of the end of the month there were about 470,000 new homes available for sale in the U.S.
That’s about a 7.6-month supply at the current sales rate.
In a statement, Gabe Abshire, CEO and founder of Move Concierge, says the increase in new home sales – and the increase in existing-home sales announced yesterday –
“Recent home sales reports might concern real estate professionals who recently joined the industry as a career. For those of us who have been in the business for a while, we understand that the market moves in cycles and there is a light at the end of the tunnel. Housing inventory is on the uptick and, with the Fed projected to lower rates up to two more times this year alone, we expect 2025 will turn very positive for home sales.”
Photo: Alexander Andrews