The U.S. Census Bureau and the Department of Housing and Urban Development’s joint monthly report on new home sales found that October’s slight increase helped post a new high in the new home market.
According to the report, sales of new single‐family houses in October 2021 were at a seasonally adjusted annual rate of 745,000, 0.4 percent above the revised September rate of 742,000. That small increase in sales allowed the number of new home sales to hit their highest level since April 2021.
However, compared to October 2020, new home sales were 23.1 percent below the estimate of 969,000 homes sold at the same time last year.
The median sales price of new houses sold in October 2021 was $407,700, while the average sales price was $477,800. The seasonally‐adjusted estimate of the number of new houses for sale at the end of October was 389,000—a supply of 6.3 months at the current sales rate.