New Home Sales Slip in October, Healthy Gains Seen Annually

New Home Sales Slip in October, Healthy Gains Seen Annually

Sales of new single‐family houses in October 2023 fell from October to an annual rate of 679,000 but up nearly 18% from October 2022. The median sales price of new homes sold in October 2023 was $409,300. The average sales price was $487,000. Inventory levels were at a healthy supply of 7.8 months. 

The takeaway... with home borrowing costs on the downswing and recent positive new construction data along with sellers getting itchy to list, 2024 could be shaping up to be positive for the housing industry.

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