- October new home sales stood at 733,000 (SAAR), according the U.S. Census Bureau, down 0.7% from upwardly revised September numbers but up 31.6% from a year ago.
- The median sales price of new houses sold in October was $316,700, down 3.5% from a year ago.
- There were 322,000 new homes for sale in October, up 0.3% from September but down 3.3% from a year ago.
Aside from one disappointing month in the spring, 2019 has been a resurgent year for new home sales, and this stronger-than-expected October data — on the heels of strongly upwardly revised September data — only reinforces the trend and proves that high builder confidence is not entirely unwarranted. Yes, building conditions remain tough and the prices of land, labor and lumber are volatile. But homebuilder confidence is almost as high as it has been in more than 18 months, buoyed by their apparent expectations that people will remain eager to buy new homes through at least the beginning of 2020. Should the median price of new homes continue to flatten and stay closer to what middle-income buyers can afford – as it has for the better part of the last year and a half – this will be even more likely.
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via October New Home Sales: Reinforcing the Trend
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