Economic Buzz: New Home Sales In US Pullback Sharply In October

24 Nov 2022 , 09:04 AM

After reporting a sharp pullback in U.S. new home sales in the previous month, the Commerce Department released a report on Wednesday showing new home sales unexpectedly rebounded in the month of October. The Commerce Department said new home sales spiked by 7.5 percent to an annual rate of 632,000 in October after plunging by 11.0 percent to a revised rate of 588,000 in September. The Commerce Department also said the median sales price of new houses sold in October was $493,000, up 8.2 percent from $455,700 in September and up 15.4 percent from $427,300 a year ago. The estimate of new houses for sale at the end of October was 470,000, representing 8.9 months of supply at the currents sales rate. The months of supply is down from 9.4 in September but up from 6.9 in October 2021.Powered by Commodity Insights