Steel Markets
New Home Sales Stable in September
Written by Sandy Williams
October 24, 2019
New home sales remained relatively stable in September, slipping only 0.7 percent to a seasonally adjusted annual rate of 701,000. The August rate was revised downward to 706,000.
“New home sales inched down in September, but the ongoing trend remains positive as builders increase their production,” said Greg Ugalde, chairman of the National Association of Home Builders.
The median sales price of new single-family homes sold in September was $299,400 and the average sales price was $362,700.
An estimated 321,000 homes were in inventory at the end of September—a supply of 5.5 months at the current sales rate.
“Sales volume is expected to improve slightly in the coming months as more newly-built inventory arrives,” said Jing Fu, NAHB’s Director of Forecasting and Analysis.
Regionally, new home sales increased on a year-to-date basis by 12.8 percent in the South and 7.3 percent in the West. Sales were down 10.3 percent in the Northeast and 10.6 percent in the Midwest.
Sandy Williams
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