Sales of new single‐family homes in September were at a seasonally adjusted annual rate of 800,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 14% above the revised August rate of 702,000 but is 17.6% below the September 2020 estimate of 971,000.
“Buyer interest in the new-home market slumped in June and July as people got distracted with the return of some normalcy as summer activities resumed,” says Ali Wolf, chief economist at Zonda. “After the brief pause, however, buyers on the sidelines found themselves reengaged in the new-home market, starting in August. The September new-home report captures some relief for shoppers that the market is more manageable today than earlier in the year and the fear of rising interest rates.”
The median sales price of new houses sold in September was $408,800, while the average sales price was $451,700.
The seasonally adjusted estimate of new houses for sale was 379,000 at the end of September, representing a 5.7-month supply at the current sales rate.
“Taken as a whole, the report continues to reflect the ongoing story of strong housing demand confronting a tight supply of homes available for sale, as home builders face difficulties working through their order backlogs,” says Doug Duncan, chief economist at Fannie Mae. “The good news is that despite the jump in sales, the total amount of homes left for sale at the end of the month remained flat at the highest level since 2008, suggesting home builders are finding sufficient lots to generate a higher pace of sales going forward.”
