-->

New homes sales fall in October, raise year-over-year

October numbers for new home sales dropped 0.3 percent from September’s totals, though data shows a 41.5 percent rise from October 2019. Despite falling below the 1 million mark reached in August and September, October sales still made it the strongest three-month stretch since mid-2006.

October new home sales totaled 999,000 (SAAR), down 0.3% from upwardly revised September numbers but up 41.5% from October 2019, according to the U.S. Census Bureau.

The median sales price of new houses sold in October 2020 was $330,600, up 2.5% from a year ago.

There were 278,000 new homes for sale at the end of October, flat from September and down 13.4% from the same time last year.

Low mortgage rates, an ongoing shortage of existing homes for sale and the allure of a brand new, never-lived-in home all helped the strong stretch of new home sales that began in the summer keep rolling right on through October.

Initially reported data from August and September was revised upwards, with sales crossing 1 million in each of those months and only just falling short of the million mark in October — the strongest three-month stretch since mid-2006.

Despite the continued spread of COVID-19 leaving many unsure of what lies ahead for the economy, demand for housing remains strong and steady.