November 27, 2023
We all know the housing market is a mess right now – and new home sales are proving that point.
Last week I told you about the housing market nightmare for existing home sales in October. And today, we have the numbers for new home sales in in the month of October.
And every is down – inventory, sales but also price!
According to the Census Bureau the median sales price for a new home sold in October of 2023 was $409,300. The average sale price for a new home was $487,000. The median existing home sales prices for October? $391,800.
Yes – those new home prices may be a lot depending on where you live — but that’s down by a lot compared to last October when the median sales price for a new home was $493,000 and the average sales price was $544,000.
Now – the number of new home sales definitively dropped 5.6% between September and October of 2023. That trend tracks with the existing home sales that dropped 4.1% for the same time period.
But when comparing new home sales from October of 2023 to October of 2022, the report found a 17.7% increase in home sales year over year. That’s dramatically different than the 14.6% drop in existing home sales from October of 2022.
As far as how many new homes are on the market and available for sale – the report found a decrease of 5.8% from last year. That’s almost identical to the 5.7% we saw for existing homes on the market from October of 2022 to October of 2023.
Read the report for October new home sales here.
