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Sales of New Homes Drop More Than Anticipated

London, Monday 27 November 2023

Sales of brand-new single-family homes in the US decreased by 5.6% in October 2023 to a seasonally adjusted annualised rate of 679 thousand, significantly less than projected sales of 723 thousand.

This decline was attributed to purchasers' inability to afford the highest mortgage rates in 20 years. It comes after a revised lower figure of 719 thousand from September.

Sales in October increased in the Northeast (13.2%) and the South (2.1%), but decreased in the West (-23.3%) and the Midwest (-16.4%). In comparison to $496,800 and $543,300, respectively, a year ago, the median price of newly sold homes was $409,300, while the average sales price was $487,000.

There were 439 thousand properties available for purchase at the end of October, which, at the present sales rate, translates to a 7.8-month supply.

(Source: U.S. Census Bureau / Edit by The Decision Maker - Real Estate editors)


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