October new home sales beat expectations

real estate new home sales

Washington — Newly built, single-family home sales exceeded expectations in October, according to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Sales of new single‐family houses in October 2022 were at a seasonally adjusted annual rate of 632,000, according to estimates. This is 7.5% above the revised September rate of 588,000, but is 5.8% below the October 2021 estimate of 671,000.

The median sales price of new houses sold in October 2022 was $493,000. The average sales price was $544,000.

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

Nationally, on a year-to-date basis, the National Association of Home Builders says, new home sales are down 14.2% for the first ten months of 2022. Regionally, on a year-to-date basis, new home sales fell in all four regions, down 4.8% in the Northeast, 22.0% in the Midwest, 11.8% in the South, and 17.9% in the West.

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