New Home Sales increase to 759,000 Annual Rate in September; Median New Home Price is Down 16% from the Peak

Today, in the Calculated Risk Real Estate Newsletter: New Home Sales increase to 759,000 Annual Rate in September

Brief excerpt:

The Census Bureau reports New Home Sales in September were at a seasonally adjusted annual rate (SAAR) of 759 thousand. The previous three months were revised down slightly, combined.
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The next graph shows new home sales for 2022 and 2023 by month (Seasonally Adjusted Annual Rate). Sales in September 2023 were up 33.9% from September 2022. Year-to-date sales are up 4.5% compared to the same period in 2022.

As expected, new home sales were up year-over-year in September, and it is fairly certain there will be more sales in 2023 than in 2022 - although mortgage rates close to 8% will likely slow sales.

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