Sales of new homes jumped 12.3% in September to an annual rate of 759,000 units, the highest rate since February 2022. Sales soared 33% from September 2022 and were up in each region of the U.S. Builders lured buyers in through price discounts and other incentives. The bulk of homes sold were in the $150,000 to $499,999 price range.
The takeaway... Low inventories continue to plague prospective buyers, but as of October 23, there were 554,000 single-family homes on the market. That’s up 1.5% from last week. Inventory is growing faster than last year at this time.