New US home sales saw a monthly drop in October, yet annual results are positive

Posted on December 4, 2023   |  

The new residential single-family home sales in October reached 679,000, marking a 5.6% decline from the revised September rate of 719,000.

Despite the monthly drop, this figure reflects a significant 17.7% increase compared to the October 2022 estimate of 577,000.

The median sales price for new homes in October settled at $409,000, while the average sales price was slightly higher at $487,000.

As of the end of October, there were around 439,000 new houses available for sale, representing a supply of 7.8 months based on the current sales rate.