Economic Report: U.S. new-home sales surge to the highest level since February 2022

by | Oct 25, 2023 | Stock Market

The numbers: Sales of newly built homes in the U.S. surged in September as aspiring homeowners, unable to find inventory in resale homes, turned to homebuilders. U.S. new-home sales rose 12.3% to an annual rate of 759,000 in September, from a revised 676,000 in the prior month, the Commerce Department reported Wednesday. 

The number is seasonally adjusted and refers to how many homes would be built over an entire year if builders continued at the same pace every month. The pace exceeded expectations on Wall Street. Economists had forecast new-home sales to total 680,000 in September. New-home sales are at the highest level since February 2022. The rate of new-home sales was boosted by a sharp rise in the Northeast and Midwest. The data from August were revised slightly. New-home sales fell to a revised 676,000 in August, compared with the initial estimate of an 8.7% drop. The new-home sales data are volatile month over month and are often revised. Key details: The median sales price of a new home sold in September fell to $418,800 from $430,300 the month prior.  The supply of new hom …

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