New Home Sales Increase by 4.1% in September
The U.S. Government has reported that sales of new single-family houses in September 2024 reached a seasonally adjusted annual rate of 738k. This figure represents a 4.1% increase from August’s revised rate and a 6.3% surge compared to the same period last year. The median sales price of new houses sold in September was recorded at $426,300, with an average sales price of $501k. At the end of September, there were an estimated 470k new houses for sale, indicating a 7.6-month supply at the current sales rate.
The recent surge in new home sales indicates a positive trend in the real estate market, reflecting increased buyer confidence and demand for new residential properties. With the median and average sales prices also showing growth, it suggests a healthy market environment for both buyers and sellers. The inventory of new houses for sale provides a significant number of options for potential homebuyers, with a supply that can meet the current sales rate for several months.
Overall, the data presented by the U.S. Census Bureau paints a picture of a robust new home sales market in September 2024, with promising indicators for the industry’s continued growth and stability. As the housing market continues to evolve, monitoring these trends and statistics can provide valuable insights for investors, homeowners, and industry professionals alike.
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