New Home Sales Unexpectedly Rise In October

  • Nov 23, 2022
  • Brian Turner
  • The home sales jumped in the South, lifting the data across the nation and median and average home prices continued to advance.

    New home sales rose 7.5% in October from the previous month to an annual pace of 632,000 units and September sales were revised to 588,000 units.  

    New home sales fell 5.8% from the 671,000 rate a year ago.

    Home sales in the Northeast soared 45.7% to 51,000 and in the South increased 16% to 399,000, outpacing the 34.2% decline to 50,000 in the Midwest and 0.8% drop to 132,000 in the West.  

    The media home price increased to $397,000 and the average home price increased to $544,000.

    The seasonally-adjusted estimate of new houses for sale at the end of October was 470,000, representing a  supply of 8.9 months at the current sales rate.