On November 26, 2024, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a significant decline in new residential sales for October 2024.
On November 26, 2024, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a significant decline in new residential sales for October 2024.
Sales of new single-family homes were recorded at a seasonally adjusted annual rate of 610,000 units, representing a 17.3% decrease (±12.8%) from the revised September figure of 738,000. Compared to October 2023, sales were down by 9.4% (±19.0%), reflecting a slowdown in the housing market.
The median sales price for new homes in October 2024 was $437,300, while the average price stood at $545,800.
At the end of the month, the inventory of new homes for sale reached a seasonally adjusted 481,000 units, equivalent to a 9.5-month supply at the current sales pace, highlighting slower turnover in the housing market.
Source: U.S. Census Bureau
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