New home sales were positive, but failed to meet meager expectations in October, according to the latest data from Census Bureau and HUD…(Census Bureau).
- M-O-M: Sales of new single‐family houses were up 0.4% to a seasonally adjusted annual rate of 745,000 in October 2021.
- Y-O-Y: New home sales were down drastically year-over-year with a 23.1% decline.
NOTE: Economists had projected a bigger increase to 800k.
Prices were mixed month-over-month as the median sales price was up down slightly (-0.2%) to $407,700 while the average sales price jumped 5.7% to $477,800.
- Year-over-year was a little more solidified as the median sales price was up 23.3% to and the average sales price was up 23.7% to
Inventory was up across the board as October showed month-over-month gains of 2.6% as new homes for sale increased to 389,000 which represents a 6.3 month supply.
- Y-O-Y: Inventory was up 39.9% from October 2020 which is also up close to 100% when it comes to the sales rate which was at an all-time low of 3.3 months back in 2020.