Sales of new single-family houses during the month were at a seasonally adjusted annual rate of 685,000, which is 18.7% above the revised September rate of 645,000. On a year-over-year basis, the latest rate is 6.2% above the October 2016 estimate of 577,000.
October recorded a median sales price of new houses sold during the period of $312,800. The average sales price was $400,200. These compare to the median sales price of new houses sold in September of $319,700 and the average sales price of $385,200.
At the end of October, the seasonally adjusted estimate of new houses for sale was 282,000, which represents a supply of 4.9 months at the current sales rate. At the end of September, the seasonally adjusted estimate of new houses for sale was 279,000, which represents a supply of five months at the then-current sales rate.
New home sales surge in September
Homeownership, residential vacancy rates steady in Q3
Sales of new homes surged month over month in October, according to estimates released jointly by the Census Bureau and the Department of Housing and Urban Development.