New U.S. home sales fell by 10.9% in September due to high-interest rates

In September, sales of newly built, single-family homes fell by 10.9% to 603,000 seasonally adjusted annual rate, declining builder sentiment for 10 months straight.
New home sales fell by 14.3% on a year-to-date basis compared to 2021 and compared to 2019, sales are now down 1.9%.
New single-family home inventory is at a high of 9.2 months’ supply (of varying stages of construction) but a measure near a 6 months supply is considered balanced.
New single-family home inventory is elevated at a 9.2 months’ supply (of varying stages of construction) but a measure near a six months supply is considered balanced.
There are 462,000 homes which are available for sale compared to last year in which only 56,000 of the new home inventory is completed and ready to occupy and the rest is under construction.

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