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Oct. New Home Sales Rise Surprising 7.5%

The Wall Street Journal polled economists who predicted a 5.5% drop in Oct. new-home sales – but the Census Bureau and HUD release reported a 7.5% increase.

WASHINGTON – October 2022 sales of new single‐family houses were at a seasonally adjusted annual rate of 632,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.

That number is a 7.5% increase over the revised September rate of 588,000, though 5.8% less year-to-year (671,000 in October 2021). Early numbers are notably unreliable, however, and the October has an estimated as an error rate of plus-or-minus 19.6%.

The median sales price of new houses sold in October 2022 was $493,000. The average sales price was $544,000. 

At the end of October, there were 470,000 new homes for sale, according to the seasonally‐adjusted estimate. That number represents an 8.9-month supply at the current sales rate.

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