Sales of new homes in the United States expanded by 14% in September compared to the previous month’s adjusted rate.
Source: US Department of Commerce
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Sales of new single-family homes for the period stood at an annual rate of 800,000, a 17.6% YoY plunge. The average sales price of new houses in the US stood at $408,800 as the average sales price hit $451,700.
The figures indicate demand is stabilizing following high prices, and the lack of adequate inventory pushed the rate of contract signings below the pre-pandemic levels in recent months.
Meanwhile, headwinds remain strong as ongoing supply bottlenecks and labor challenges hamper construction and rising mortgage rates affect homebuyer affordability.
There were 370,000 new homes available for sale at the end of September, unchanged from a month earlier. At the current sales rate, it would take almost 5.7 months to complete the supply of new homes.
Sales jumped in three of four regions, led by significant gains in the Northeast and South.