Sales of newly built single-family homes are now at the highest level since May 2023, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. In September, sales rose 4.1 percent from the previous month and were 6.3 percent higher than last year at the same time. The increase put the seasonally adjusted annual rate at 738,000 units, higher than the 720,000 units economists expected. In short, the new home market continues to outperform the market for previously owned homes. New home sales account for 15 percent of all home sales and have, over the past few years, gained steam as the inventory of existing homes for sale has been lower than historically normal. That’s resulted in more construction of new homes and more shoppers turning to the new home market for additional options. The inventory of new homes for sale is now at levels last seen in 2008. (source)
