Economic Buzz: US New Home Sales Falls Sharply By 10.9% In September

27 Oct 2022 , 09:03 AM

The Commerce Department released a report on Wednesday showing new home sales in the U.S. pulled back sharply in September after unexpectedly skyrocketing in August, although the decrease was smaller than expected. The report showed new home sales tumbled by 10.9 percent to an annual rate of 603,000 in September after soaring by 24.7 percent to a revised rate of 677,000 in August. Meanwhile, the Commerce Department said the median sales price of new houses sold in September was $470,600, up 8.0 percent from $435,800 in August and up 13.9 percent from $413,200 a year ago. The estimate of new houses for sale at the end of September was 462,000, up 1.1 percent from 457,000 at the end of August and up 23.2 percent from 375,000 at the end of September 2021. The unsold inventory represents 9.2 months of supply at the current sales rate compared to 8.1 months in August and 6.1 months a year ago. Powered by Commodity Insights