Posted November 28, 2018

New home sales slide 8.9 percent in October

Average price of a new home runs $395,000.

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

New Home Sales
Sales of new single‐family houses in October 2018 were at a seasonally adjusted annual rate of 544,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 8.9 percent (±13.7 percent)* below the revised September rate of 597,000 and is 12.0 percent (±13.1 percent)* below the October 2017 estimate of 618,000.

Sales Price
The median sales price of new houses sold in October 2018 was $309,700.  The average sales price was $395,000.  

For Sale Inventory and Months’ Supply
The seasonally‐adjusted estimate of new houses for sale at the end of October was 336,000.  This represents a supply of 7.4 months at the current sales rate.