Home Sales Rise In October

By on
US home prices continue to rise and a huge share of single-family houses sold have not been built, according to government data
US home prices continue to rise and a huge share of single-family houses sold have not been built, according to government data

New residential sales statistics for October show that new single‐family house sales rose 0.4% from the previous month, at a seasonally adjusted annual rate of 745,000. The numbers were mutually released Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development. 

The estimates are 23.1% below the October 2020 figure of 969,000. Furthermore, due to small sampling sizes, data is frequently revised at a later date, as September's sales estimates were amended to 742,000 units from the 800,000 units reported previously. 

The average sales price of new homes was $477,800.  The median sales price of new homes increased 17.5% over the year to $407,700. 

Due to labor shortages nationwide, home builders have been restricted by a lack of workers and back-ordered construction materials. This is problematic as construction timelines are extended, and prices for new homes are increasing. 

Chief economist for Realtor.com Danielle Hale said that “new construction can seem like alternative attraction” for those looking to move into new homes", but warns that “many for-sale new homes are either under construction or not-yet-started.”

Monthly new residential sales for November will release on Dec. 23.

 

 

Join the Discussion