Posted October 24, 2018

New home sales slide 5.5 percent in September

Average sales price was $377,200; NAHB cites affordability issues. 

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for September 2018:

New Home Sales
Sales of new single‐family houses in September 2018 were at a seasonally adjusted annual rate of 553,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.  

This is 5.5 percent (±12.1 percent)* below the revised August rate of 585,000 and is 13.2 percent (±13.6 percent)* below the September 2017 estimate of 637,000.

Sales Price
The median sales price of new houses sold in September 2018 was $320,000.  The average sales price was $377,200.  

For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new houses for sale at the end of September was 327,000.  This represents a supply of 7.1 months at the current sales rate.

The NAHB comments
The National Association of Home Builders released its own analysis of the September report today, citing ongoing affordability challenges as a factor in the dip. Read their commentary here.