September Sees Soaring Single-Family Home Sales

The housing market showed robust signs of growth in September as sales of new single-family houses soared.

According to the joint data released by the U.S. Census Bureau and the Department of Housing and Urban Development, sales stood at a seasonally adjusted annual rate of 759,000. This marks an impressive 12.3% increase from the revised August rate of 676,000 and an even more substantial 33.9% leap from the September 2022 estimate of 567,000.

Homebuyers in September faced heftier price tags with the median sales price of new houses being pegged at $418,800. Those looking at averages had to contend with a price of $503,900.

By the end of September, the seasonally-adjusted estimate of new houses available for purchase was 435,000. Analyzed in the context of the current sales pace, this inventory translates to a supply that would last 6.9 months, indicating a balanced market leaning towards a seller's advantage.